property tax deduction question

I am late on my final tax bill for this quarter. I received a notice from my township that if it's paid by 12/31/08 I can claim it on my 2008 taxes. Now I am not trying to claim the interest the charge me for being late, nor do I think I can?

If I don't have enough funds to pay the tax by 12/31/08 and I do claim the property tax decution for 2008 and put the total taxes billed for my property minius interest even though I didn't pay the last one yet is that a red flag for an audit?

I should have the money by the first week in Jan, times are tough now so it's a little difficult.

I want to be able to claim alll of my 2008 property tax on my income taxes as a deduction. Would my township report it to the state/federal gov't that one portion is still left unpaid and if they see I claimed hit me with penalties/interest? I just want to know the best route to go here. I am also going to run this by my accountant.

Giacona,

We can deduct the property taxes we pay. If they are not paid there is no deduction.

Paying the taxes plus the interest/surcharge/penalty for being late would be a legitimate deduction.

You must pay the tax bill by December 31, 2008 to deduct it on your 2008 tax return.

Will your township turn you in? I don't know.
If you use a tax professional to prepare your income tax return, they will need to see your property tax receipt, and check the date the bill is marked paid. If it is marked as a 2009 payment you can deduct it when you do your 2009 tax return in 2010.

As a suggestion: Could you take a cash advance on a home equity LOC or on a CC for a few days?
Just Be Sure To PAY IT OFF THE LOAN AS SOON AS YOU GET THAT MONEY BY THE FIRST WEEK OF JANUARY!!