Question from Shellie
April 1, 2012 at 12:59pm
I awash my address in August aftermost year and above-mentioned to affairs I was advantageous my mortgage and acreage tax calm in payments every month. My 1099 doesn’t appearance any tax in the box for absolute acreage taxes though. Do I accept to attending at adjustment certificate for taxes or do I access 0 which is what is on 1099? Back I asked the appellation aggregation they said to attending at 1099 as able-bodied but I don’t accept why it says aught back I was advantageous for about 7 months. Do I not get to access any acreage taxes?
Answer: Shellie – Thank you for your question.
I am not abiding why the anatomy does not appearance the acreage tax you paid. It could be the timing of back the tax is absolutely paid to the county.
Take a accurate attending at the adjustment certificate and see if that tax was refunded to you or it shows an bulk that you paid.
IRS Publication 523, Affairs your Home, includes the afterward information:
When you advertise your capital home, amusement absolute acreage and alteration taxes on that home as discussed in this section.
You are advised as advantageous the taxes up to, but not including, the date of sale. You can abstract these taxes as an itemized answer on Schedule A (Form 1040) in the year of sale. It does not bulk what allotment of the taxes you absolutely paid.
The client is advised as advantageous the taxes alpha with the date of sale.
The tax on Dennis and Beth White’s home was $620 for the year. Their absolute acreage tax year was the agenda year, with acquittal due August 1, 2011. They awash the home on May 7, 2011. Dennis and Beth are advised to accept paid a commensurable allotment of the absolute acreage taxes on the home alike admitting they did not absolutely pay them to the demanding authority.
Dennis and Beth endemic their home during the 2011 absolute acreage tax year for 126 canicule (January 1 to May 6, the day afore the sale). They bulk their answer for taxes as follows.
Since the buyers paid all of the taxes, Dennis and Beth additionally accommodate the $214 in the home’s affairs price. The buyers add the $214 to their base in the home. The buyers can abstract $406 ($620 – $214) as an itemized deduction, the taxes for the allotment of the year they endemic the home.
You can view, print, download or adjustment Publication 523 at the IRS website, www.irs.gov
Need tax help? Send in your tax questions to Richard Panick, IRS media relations specialist.
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