We sold our house and bought another one in the middle of the year. What property tax amount should i report on my income tax return? The full amount of taxes for the new property or should I report the pro-rated amount I gave the buyer of my old property and the amount paid on the new property minus the pro-rated amount the sellers gave me on my new property?
Hope this makes sense……
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7. December 2009 at 10:51 am
You claim the amount you actually paid in property tax on both places.
7. December 2009 at 10:51 am
You should claim the pro-rated amount you “paid” on the old property and any pro-rated amount you “paid” on the new property (often in advance of the year-end billing), then remember to make any necessary adjustments after official tax bills come out and get re-divided. In theory, you paid the taxes by giving the money to somebody else (or putting it into escrow for taxes) and you are allowed to assume they actually made the necessary payments to the necessary authorities. A lender holding tax escrow should give you an annual statement of taxes collected, held and paid out.
7. December 2009 at 10:51 am
Detail information of property taxes is the following.
http://www.islamabad-realestate.com
I feal this site is very workable and useful.
7. December 2009 at 10:51 am
Add up all the property taxes you paid and report total.