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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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: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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