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.

Was I helpful?

**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by marking as BEST ANSWER and clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.

View solution in original post

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 marking as BEST ANSWER and clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

Expert does your taxes

Do it yourself

Resources

Support

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