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New Member
posted May 31, 2019 4:55:57 PM

Can I deduct two years property tax in same year?

We paid 2014 and 2015 property taxes in 2015  -  can we deduct both years on 2015 tax return?

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6 Replies
Level 15
May 31, 2019 4:55:59 PM

Yes, you deduct whatever taxes you actually paid to the taxing authority in 2015.

But note that if the money was paid to your mortgage company and is held in escrow, that is not deductible until the escrow company pays the taxing authority.  Up to that point, it is still technically your money.

New Member
May 31, 2019 4:56:01 PM

Thank you -  we pay taxes direct to the taxing authority - so I can deduct the taxes paid for 2014 and 2015 on my 2015 tax return without any type of penalty?

Level 15
May 31, 2019 4:56:04 PM

Yes. The only possible issue might be if they are disallowed under AMT.

Level 15
May 31, 2019 4:56:06 PM

Yes.

Level 1
Dec 13, 2024 7:13:52 PM

What is AMT

 

Level 15
Dec 13, 2024 10:57:03 PM