G
Guest
?We bought a new main home this year and received prorated seller's credit
toward 2010 real estate taxes at closing, but have not been billed or paid
any taxes on the new home this year. We did pay full real estate taxes on
our other home (different state billing cycles). I assume that we put a
negative amount of the seller's paid portion in Schedule A real estate taxes
on your main home and the amount paid on the old home in other real property
taxes. Then next year we would deduct the full amount of taxes paid on each
home. Is that correct, or do we wait until 2011 and subtract the seller
payment from our new home taxes payment? Because we are cash basis
taxpayers, I presume the first scenario that we report both payments and
credits in the year received. Thanks.
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"The center of the universe always is someplace else."
toward 2010 real estate taxes at closing, but have not been billed or paid
any taxes on the new home this year. We did pay full real estate taxes on
our other home (different state billing cycles). I assume that we put a
negative amount of the seller's paid portion in Schedule A real estate taxes
on your main home and the amount paid on the old home in other real property
taxes. Then next year we would deduct the full amount of taxes paid on each
home. Is that correct, or do we wait until 2011 and subtract the seller
payment from our new home taxes payment? Because we are cash basis
taxpayers, I presume the first scenario that we report both payments and
credits in the year received. Thanks.
.......................................................................................
"The center of the universe always is someplace else."