Author Topic: Deduction for second installment of property taxes in forward year  (Read 86 times)

jplee3

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Hey all,

I was wondering how property tax deductions should be claimed for second installments when they spill over into the forward year tax filing. For example, and in my case, I'm filing for 2016 taxes and just paid the second installment of property taxes for 2016 today (they are due in April 2017).

Am I supposed to defer and deduct this second installment payment in next year's (2017) tax return? So basically, the only thing I would deduct for 2016 is the the second installment for 2015-2016 and the first installment for 2016-2017  ?

letthelightin

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Re: Deduction for second installment of property taxes in forward year
« Reply #1 on: March 20, 2017, 08:17:33 PM »
You can claim property taxes paid based on the calendar year of the date you paid them (regardless of the due date or what time period the payment covers). So the taxes you paid today can be deducted on your 2017 tax return, not your 2016 return.

cchrissyy

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Re: Deduction for second installment of property taxes in forward year
« Reply #2 on: March 20, 2017, 10:32:30 PM »
claim them when you actually pay them


this is why, sometimes, people pay their spring ones early, so there will be years with 3 property tax payments to deduct from that year's income.