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Join Date: Apr 2008
Posts: 2
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Which property taxes can I deduct
I am struggling to figure out which property taxes (real estate taxes) I can deduct this year (2007 taxes), because I bought a house and sold a house. Can anyone please help?
Here is my situation: I live in Illinois. We pay taxes in arrears. In 2007, I did the following: (1) In March 07, I payed $3000 in taxes for 1st installment of 2006 for my house that I sold in June 2007. (2) In April 07, I bought a house. The seller gave me $4000 in credit for taxes for 2nd installment of 2006 and for Jan 07 to Apr 07. (3) In June, I sold by old house. We gave the buyers $7000 in credit for taxes for 2nd installment of 2006 and for Jan 07 to Jun 07. (4) In Sept, I payed, $3500 in taxes for 2nd installment of 2006 for my new house that I bought in April. Which real estate taxes can I deduct? Thanks, Marina |
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