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Financial Planning / Tax Strategies
|Subject: Real Estate Tax Deduction Question||Date: 2/9/2001 11:33 AM|
|Author: DelMarsh2||Number: 46038 of 119677|
Hey, first time home owner here with a question about how to deduct my real estate taxes.
I live in Oregon and my real estate tax runs on a fiscal year from 07/01/2000 to 06/30/2001 (which I assume is done because that's the date I purchased or an amazing coincidence).
Question: I paid $2,613.27 in real estate taxes and the amount was paid in 2000 (had to pay them upfront)... can I deduct the entire amount for 2000 taxes or do I have to split it and claim half this year and half next year (and then half of next years in 2001 and half in 2002... etc.)?
If I could deduct the entire amount I'd save about $522.66 in income taxes ($1,306.64 more taxable income at 31% fed 9% state) so you can imagine my interest in being able to deduct all! :)
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