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Updated almost 11 years ago on . Most recent reply
Property Tax Deduction/expenses and depreciation value
Hello all,
I am a newbie. I just bought a property January 28, 2013. have a question about property tax deduction. I got 2 supplemental bills with a different fiscal year last year. I paid them off in 12/31/13 with a total of $6347 by check. How much do I input to turbo tax?
Fiscal Year July 1, 2012 - June 30 2013.
First installment $944
Second installment $944
Fiscal Year July 1 2013 - June 30 2014
1st installment $2229
2nd installment $2229
And one more property tax bill, that is paid by escrow account
Fiscal year July 1 2013 - June 30 2014
1st installment $862, paid in 2013
2nd installment $862, paid in 2014
Do I put what I paid or do I have to prorate first and second installments? I am very confused of what I have to put to get the deduction -_-;
Do I go with "improvements" value $385777/27.5 years to get my depreciation of the building? Should I get it from somewhere else?
Thank you for all your help.