If you pay your California property tax in April and December how do you take the deduction?

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If you are an individual taxpayer, add together all of the property tax payments you actually made during the calendar year and enter the total on federal Schedule A on the line that says "Real Estate Taxes." Include only payments you actually made during the year. If you make a payment late, deduct it in the year you paid it, not in the year it was due.
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Can a cosigner who resides in the home deduct on his income tax the property taxes on the home and the mortgage interest that he pays on the loan for that home?

Some basic facts: 1) You cannot deduct any property taxes or mortgage interest unless YOU paid it. If a co-owner or cosigner (or even a complete stranger) paid the taxes or interest you cannot deduct them even though you might be an owner of the house. 2) There are severe restrictions on an indivi ( Full Answer )

How do you deduct property tax payments in the year you bought property?

Like anything else, you apply the appropriate amount on the appropriate schedule when you file your tax return.. There are four types of deductible nonbusiness taxes :. State, local and foreign income taxes; . Real estate taxes; . Personal property taxes; and . State and local sales taxes. . ( Full Answer )

Your son is going to take over paying your mortgage Can he deduct the interest on his taxes Does his name have to be on the loan the title both or neither?

Answer . Again - he can't just pay a mortgage on anyones house and claim the deduction...it has to be his residence. Then if he is paying it, on the title or not, there are court cases saying that basically he paid the interest to you and you paid the mortgage. But again...you better be able to ( Full Answer )

If a property is sold who pays the property taxes?

The seller is responsible for all property taxes assessed for the period through the date of sale. The buyer is responsible for all property taxes thereafter. Remember in most states that property tax is paid in arrears which means you are paying for a time period of 3-6 months prior to the curre ( Full Answer )

Who pays supplement property tax?

Answer . The buyer does because it is supplementation of difference of the taxes charged from the old price of the house to the new price of the house which was paid by the buyer.

Why do California immigrants not pay taxes?

Illegal immigrants are not paying taxes because they think they dont need to,also because they are ILLEGAL immigrants so they dont what people to find out that they are illegal immigrants!

What does property tax pay for?

Property taxes are normally used to fund the services in the area, such as police, fire department, roads (and plowing them!) and local library. Some portion of the taxes are used to fund the school system. If you are getting it for free, it is normally being paid for through property taxes.

Can property taxes paid 2007 for 2006 be deducted for 2006 taxes?

No. In the U.S., individual taxpayers are generally considered "cash basis" -- that is, we claim income the year in which we receive it, and expenses the year in which we pay them.. So, property taxes paid during 2007 for any year are deductible only on a 2007 income tax return.

Can you deduct for paying child support on my income tax?

You and the child's mother have to agree who is taking the child deduction (usually the parent with custody), so the child support is probably not deductible. Consult with a CPA or tax specialist to make sure; you can refile your taxes if there is some way that the payments are deductible--but only ( Full Answer )

Do you pay property tax on a condo?

A condominium is a home; it exists on real property; most condominium owners pay property tax. You can check with your local county or provincial assessor to find the answer you want.

How much are property taxes in Vallejo California?

it depends on the price of the home you purchase. the less the appraised value is, the less you pay in taxes. the higher the more money spent on taxes. its safe to say about 1.25% of your home purchase price is due annually. for example a 169k home purchased would be 2112 bucks per year. payable in ( Full Answer )

Do you pay property tax in Oregon?

Yes, you pay property taxes in Oregon. Although, due to measure 50, you pay on the assessed value of the home, not necessarily the RMV. Measure 50 was passed in May 1997, to balance out tax increases due to rising property values. This measure made it so that they could only increase the assessed ( Full Answer )

How much is property tax in California?

The property tax in California can vary from year to year. However, to calculate the California property tax for one's home is quite simple. The tax can not exceed more than 1% of the home's value and can not increase more than 2% from the previous year.

Is the principle you pay on a lean tax deductible?

No, and neither is the interest.. It makes no difference what steps or methods of collection were used to get you to pay. If anything, actions done under legal persuasion are LESS tax deductible as the payor should get no benefit from what the courts had to impose. That would be against the public ( Full Answer )

Is child support deductions taxed from pay checks?

Method of making payment makes no difference...check or deduction or whatever.. It is not a deductible payment or deduction on return. Paying for your children is done with after tax $s, however, they may be a dependent and provide a deduction that way.

Can you deduct the amount you pay your tax account?

I am not sure what you mean by this or what kind of tax account you may be referring to. On your federal income tax return, you may deduct payments of various types of state and local taxes that are imposed on you within limitations. These include real estate, state and local income taxes, and ( Full Answer )

I am a pensioner and don't pay tax but tax is being deducted from my savings - is this right?

Contact the bank where your savings account is located. They probably do not have your correct Social Security Number (SSN) on file or they do not have a signed certification of your SSN on file or there has been some clerical error. If a bank does not have a signed certification of your SSN on fi ( Full Answer )

How often do you pay property tax?

Property taxes are a matter of local law and each locality makes its own law. Typically, it is two times a year, but in some parts of the country it could be once or four times a year.

When is the property in a Marital deduction Q-tip trust taxed?

Tax is assessed on a QTIP trust upon the death of the second spouse. If the total estate of the second spouse (including the QTIP trust) does not exceed the exemption amount in effect at the time, then no tax will be paid. To the extent that the addition of the QTIP to the second spouse's estate cau ( Full Answer )

How much taxes are deducted from your pay check?

You can use the following calculator to determine how much tax will be deducted from your paycheck: http://www.paycheckcity.com/NetPayCalc/netpaycalculator.asp Remember that the amount of income tax deducted depends on how you fill out Form W-4 that you give to your employer. It is not the real ( Full Answer )

Who pays property tax?

The person or entity that "owns" the property is responsible for the property taxes. If you have a mortage on your property you usually have the option of having a certain amount of your monthly payment put into an escrow account. The money is set aside by the mortage holder to pay the property ta ( Full Answer )

How do you calculate California property tax?

Its all based on the city and county you live in. Contact the assessors office in your city and they will tell you exactly. You can reduce your tax assessed if your property value dropped in recent years. Do not over pay!

Who pay tax on income property?

The owner of the property pays the tax on the income generated by the property. This is known as the "fruit of the tree doctrine."

How to pay property taxes?

Hand deliver check, cash, money order and etc what ever your local tax property office will accept as a payment and give you a receipt for or you could mail the payment to the correct mailing address.

Who pays for property tax?

Usually the owner of the property is the one that pays the property taxes on the owners property. Some time the mortgage company will pay them from a escrow account but the money that is in the escrow account comes from the property owners monthly payments.

How much tax does the state of California take out of pay checks?

You do NOT have any taxes, or other amounts that will be taken out of your NET take home paycheck after it is issued to you. The employer payroll department would be the only one that should be able to tell you how much they will be required to withhold from your GROSS salary, wages, etc. for all ( Full Answer )

Do companies pay property taxes?

Under the property tax systems used in the United States, all companies pay real and personal property taxes unless they are expressly exempt from taxation by state tax laws. Property assessment and property tax abatement, deferrals, and exemptions vary by state in the United States. Some states pro ( Full Answer )

Can insurance co-pay be tax deductible?

If you are referring to a MEDICAL/HOSPITALIZATION insurance co-pay, yes, that is deductible as a medical expense. And on property/casualty insurance, it may be deductible as a casualty loss.

What do you pay on property tax for a home?

for the services of the city or township that you live in, such as schools, fire department, trash collection, police protection, road upkeep, etc.

How can you deduct alimony payments when paying taxes?

Alimony payments are deductible as an above-the-line deduction on your Federal income taxes. They are reported on Line 31a of Form 1040 for 2010. Note that Line 31a also requires you to report the Social Security Number of the person you paid alimony to, because it will be considered taxable inco ( Full Answer )

Do you have to pay property tax on a trailer?

Yes, in most states in the United States you will pay either a personal property tax or real property tax on a trailer (also known as mobile home or manufactured home). Each state defines what constitutes personal property or real property as the terms relate to mobile homes but typically a mobile h ( Full Answer )

Who pays for the deductible if neighbors tree falls on your property?

Falling Trees and Insurance U.S. The insured pays his own deductible. Deductibles are common on most types of Insurance policies. Your own homeowners insurance policy covers you if a tree falls or is blown into your property. This is what is known as an "Act of Nature". Trees do fall and sometimes ( Full Answer )

Do you take maximum deductions tax returns?

Maximizing deductions is a way to get a large refund but can also raise red flags with the IRS, if the deductions dont make sense for the filer. Careful documentation is also needed. nas The previous answer is NOT up to the normal sytandards of the submitter! In US income tax, there is no suc ( Full Answer )

What website has a rental property tax deduction calculator?

Good Mortgage has a calculator that helps you decide whether you should buy a house or a rent a house. They use variables like down payment, purchase price, loan interest rate, monthly rent, inflation, and rent yearly increase.

Do churches pay taxes on their property?

Generally, religious organizations (churches, houses of worship, and homes occupied by ministers or other heads of churches) are exception from real and personal property taxes in the United States. Each state and the District of Columbia have there own tax laws that define what entities qualify for ( Full Answer )

Have a rental property but taking a loss on the monthly rent Can you only deduct mortgage interest on taxes and not report loss?

If you are renting the property below market rates to a related party, you cannot report a loss. If the loss is because that's the best you could do in an arm's length transaction, then you can and should report the loss. In any case you must report the rental income you receive. If you elect for so ( Full Answer )

Do you pay tax for your rented property?

If you're the one renting it... indirectly, in that the owner will charge rent sufficient to cover expenses, including the property tax. If you're the owner... yes, directly.

Do veterans pay property taxes?

In most states in the United States veterans are required to pay property taxes, unless they qualify as a permanently disabled veteran. Some stated allow for the late payment of real estate taxes for active service in the armed forces (for example in Iraq) or returning troops. Ask your local assesso ( Full Answer )

Why do we pay property taxes?

It is a tax levied on ownership of property by the government. Itprovides income to the government.