Tax Foreclosed Property
March 13th, 2008
Tax Foreclosed Property
Question: about to foreclose paid my property taxes can i write this off this year on my taxes as well as intersest?
Wondering if i can write off this year my property taxes paid and my interest on mortgage paid ? even if im in default and most likely will need to foreclose ?
>
Answer: You can deduct the taxes that you paid in the year that you paid them (i.e. 2005 taxes paid in 2006 can be deducted on 2006 taxes) if you file itemized. Your mortgage interest is deductible as well.
I do not believe that you can deduct the interest or penalty. It is a deduction for "other taxes paid."
RE/MAX Agents Know the NEW 2009-2010 Tax Credit
>
If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
Related posts
Posted in Foreclosed Homes | 
Tags: buy, fast, foreclosed, foreclosed property, Foreclosure, home, Property Tax
Leave a Reply
 |
 |
 |
||
 |
 |
|
 |
||