Solved: I purchased a condo in 11/16. I paid property taxes but not until January - There is an adjustment for property taxes on my HUD-1. Am i supposed to use that for 2016
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PSwitzler
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I purchased a condo in 11/16. I paid property taxes but not until January - There is an adjustment for property taxes on my HUD-1. Am i supposed to use that for 2016

 
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maglib
Level 10

I purchased a condo in 11/16. I paid property taxes but not until January - There is an adjustment for property taxes on my HUD-1. Am i supposed to use that for 2016

You are a cash basis taxpayer so only amounts actually paid in 2016 for property taxes can be used on your 2016 return.  The amounts paid in January will be able to be itemized in 2017.

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maglib
Level 10

I purchased a condo in 11/16. I paid property taxes but not until January - There is an adjustment for property taxes on my HUD-1. Am i supposed to use that for 2016

You are a cash basis taxpayer so only amounts actually paid in 2016 for property taxes can be used on your 2016 return.  The amounts paid in January will be able to be itemized in 2017.

Was I helpful?

View solution in original post

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