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| *The Commerce Journal>>>Other Taxes |
Am I allowed to take a deduction for real estate taxes for 2 years if I paid 2006 & 2007 taxes both in 2007? |
Am I allowed to take a deduction for real estate taxes for 2 years if I paid 2006 & 2007 taxes both in 2007? Yes, as a cash basis taxpayer, you deduct the taxes in the year they were paid, not the period they covered. Yes, you deduct them for the year when you actually pay them, so you'd take the deduction for the 2 years real estate taxes in 2007. When you file your 2007 taxes, you will include the Real Estate taxes for 2006. Real Estate taxes are usually one year behind when filing your annual income tax returns. |
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