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Question about property taxes

Quick question (I hope) about real estate taxes (specifically for the state of Illinois if it matters)... At what point will I be able to deduct property taxes? I realize that although I cannot deduct them on this year's taxes since I did not pay any in 2004, I will make property tax payments in 2005 (to apply towards my 05 taxes next year). However, since I purchased the home in August 2004, some of that tax payment will be for the folks who owned the home before me (I think...please correct me if I'm wrong!) Thanks for any assistance here! If I haven't given enough info, please let me know! Cheers, Kevin

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Kevin
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dressel1 snipped-for-privacy@charter.net (Kevin) posted:

Well, it sounds like you're "skewed" a little on the calendar. If you bought the home in August of 2004, any tax payments made at settlement should have applied to the '04 tax year. You would have to consult your settlement documents to verify that. Since you bought the house in the middle of the year, interest payments may not have been sufficient to justify itemization. You also should have received a 1098 from your lender, assuming you have one. As for 2005 property taxes, they can be itemized on Schedule A, as one of the permitted deductions _in lieu of_ the standard deduction. You should go with whatever works best (i.e., gives you the larger deduction). Bill

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Bill

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