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Old 04-11-2008, 11:27 PM   #1
marina69
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Join Date: Apr 2008
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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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