Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
Okay, so last year I purchased a home. The way taxes are done in this area of the country, the homeowner pays for taxes the year after s/he lives in the home. So, I closed the end of May last year...and the sellers paid me the 2nd tax payment in 2003 and for 5 months in 2004.

When I filed taxes for 2003, I itemized my deductions, but I did not include property taxes in my itemization since I did not pay the taxes. I was planning to claim 1/2 year's taxes on my 2004 return.

I just read publication 530 again, and it looks like I perhaps should have itemized the property taxes.

Can someone please clarify for me what I should have done...and then further, should I file an amendment to my tax return? As I figure it, the number of days I owned the house x total taxes=$1135.

-b-
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.