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Updated over 8 years ago on . Most recent reply

Greg Rutkowski's profile image
Greg Rutkowski's profile image
Greg Rutkowski
  • New to Real Estate
  • from Las Vegas, NV
  • Member since Aug 3, 2016
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Greg Rutkowski's profile image
Greg Rutkowski's profile image
Greg Rutkowski
  • New to Real Estate
  • from Las Vegas, NV
  • Member since Aug 3, 2016
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Greg Rutkowski
  • New to Real Estate
  • Las Vegas, NV
31
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105
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Tax, SDIRAs & Cost Segregation

Tax question in California...maybe other state too.

Greg Rutkowski
  • New to Real Estate
  • Las Vegas, NV
Posted

I'm a home owner, and pay my mortgage on the 1st of each month. As we are getting closer to the new year, I wanted to know if a January 2017 payment made in December 2016, would the interest on that payment be applied towards 2016 taxes, or 2017 taxes?

Thank you for your time and input...

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Michael McDevitt's profile image
Michael McDevitt's profile image
Michael McDevitt
  • full-time CPA & part-time RE Investor
  • from Colorado Springs, Colorado
  • Member since Aug 25, 2016
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Michael McDevitt's profile image
Michael McDevitt's profile image
Michael McDevitt
  • full-time CPA & part-time RE Investor
  • from Colorado Springs, Colorado
  • Member since Aug 25, 2016
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Michael McDevitt
  • full-time CPA & part-time RE Investor
  • Colorado Springs, CO
46
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102
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Michael McDevitt
  • full-time CPA & part-time RE Investor
  • Colorado Springs, CO
Replied

Good question @Greg Rutkowski.  The answer is, a mortgage payment in 2016 would allow you to take that payment's interest piece in 2016.  BUT, be sure you send in the January payment by mid December, so the mortgage company receives it and posts it as a December payment.  I usually make mine around December 15th. 

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