Property Tax Question...
 

..tis the season, eh? Just received my 2013 Property Tax bill (Hart County, GA). It's not due until Feb 20,2014. If I pay it in full before the end of 2013, can I deduct it on my 2013 Federal return?

Just trying to decide if I should write the check now, or wait until the due date.

Thanks!

In CA & AZ, yes.
Done it and do it still.

PM'd you Mike.

Got it Juan. Much appreciated. Have a call into my "guy" to verify.

Thanks again and Merry Christmas!

Yes, but I do find it interesting that your bill is not due until the next calendar year. It has been my experience that most municipalities pre bill, most on bi annual basis will tax bills being due in full before the end of the calendar year.

Chocaholic,

Here in FLA it is similar, they send out the bill in October. Then depending upon when you pay, you get a discount. Max. discount is obtained if you pay in by November, and no discount if you pay in during March (the following year). Pro-rated for any other month in between November and March.

For us, the when we had a mortgage, the mortgage administrator always paid in November. As such it showed up in the Form 1098 for the year in which it was actually paid. It was subsequently deducted in that year by our accountant on our Federal return. Once the loan was paid off, we assumed direct responsibility for paying the property taxes and continued to do so in November so that we continued to receive the maximum possible discount. Again, the accountant deducted it in the year paid on our federal return.

If you pay the property taxes yourself, the only time frame where there could be confusion is at the end of the year. Eg. you write the check and put it in the mail this year, and it is actually cashed in the following year.

If you have an accountant or someone who does your returns give them a call or send them an e-mail.

Back when I was close to the standard deduction, I used to double up my property tax every other year. Pay in January for year 1 then in December for year 2. Deduct both for taxes in year 2. Then take standard deduction for year 1 and 3. Lived in TX at the time and didn't have state income tax (how I miss that). Probably not applicable, but thought I'd throw it out.

I do the same ....