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

PSwitzler · ‎June 4, 2019

maglib · ‎June 4, 2019

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 · ‎June 4, 2019

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?

**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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