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ann1
New Member

Are property taxes assessed and paid in 2018 for prior years subject to the $10,000 limit

We built a home on a property and did not know we were required to report this to the appraisal district.  They changed our property tax due for several prior years and assessed the difference in 2018 and we paid them in ;2018.  Are the property taxes we paid for the prior years subject to the $10,000 limit.

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Accepted Solutions
HelenaC
New Member

Are property taxes assessed and paid in 2018 for prior years subject to the $10,000 limit

Yes, all property taxes you pay in 2018 are subject to the state, local, property tax and sales tax (SALT) $10,000 limit. You are a cash basis taxpayer. You report income in the year you receive it and you report expenses in the year you actually pay them, not for the year they relate to.

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1 Reply
HelenaC
New Member

Are property taxes assessed and paid in 2018 for prior years subject to the $10,000 limit

Yes, all property taxes you pay in 2018 are subject to the state, local, property tax and sales tax (SALT) $10,000 limit. You are a cash basis taxpayer. You report income in the year you receive it and you report expenses in the year you actually pay them, not for the year they relate to.

Related Information:
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