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Old 12-27-2012, 02:40 PM
 
43 posts, read 170,362 times
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A first time home buyer question.

We bought a home in May of this year and have received both the williamson county and RRISD tax statements a month back. The due dates on the statements are listed as Jan 31st 2013. However, for the purposes of 2012 income tax filing should I be paying these property taxes off by Dec 31st or can I wait until the due date of 1/31/2013 for the payments?
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Old 12-27-2012, 03:00 PM
 
Location: Avery Ranch, Austin, TX
8,977 posts, read 17,542,882 times
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Can't predict the future; but, paying this year gets a deduction this year. If you pay on the due date and pay NEXT year's tax in Dec, you would have a 'double' deduction. I reckon a little cipherin' is required to determine the better course to take(Heck, hold on to the money and have a fiscal cliff party ).
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Old 12-27-2012, 03:17 PM
 
Location: Central Texas
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The due date has nothing to due with federal tax returns. Pay in January and they are 2013 taxes as far as the IRS is concerned.
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Old 12-27-2012, 04:23 PM
 
Location: Avery Ranch, Austin, TX
8,977 posts, read 17,542,882 times
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Quote:
Originally Posted by hoffdano View Post
The due date has nothing to due with federal tax returns. Pay in January and they are 2013 taxes as far as the IRS is concerned.
The point being that the 'due date' is in 2013; so the OP could 'double up' by paying twice in 2013 or pay early(this year) for a deduction that would apply for 2012.
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Old 12-27-2012, 07:09 PM
 
Location: Austin, TX
499 posts, read 1,305,879 times
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If you're itemizing in one year but taking the std deduction in the other, of course pay it in the year you itemize. I assume you have a mortgage and will itemize next year, so if you were only planning to take the std deduction for 2012, better to pay your property tax next year.

If you already itemize then it doesn't really matter. I guess if you think tax rates are going up for 2013 then pay it next year.
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Old 12-28-2012, 07:15 AM
 
Location: Central Texas
13,714 posts, read 31,159,468 times
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Quote:
Originally Posted by 10scoachrick View Post
The point being that the 'due date' is in 2013; so the OP could 'double up' by paying twice in 2013 or pay early(this year) for a deduction that would apply for 2012.
Yup.

My point is just that the IRS doesn't care when the due date is. They care only when you pay property taxes.
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Old 12-28-2012, 11:06 AM
 
Location: Austin, TX
16,787 posts, read 49,046,364 times
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We barely had enough deductions to itemize last year and doing so resulted in a deduction only slightly larger than the standard deduction. So this year I decided to take the standard deduction and pay my 2012 property taxes in 2013 so I will have a larger itemized deduction in 2013 with both the 2012 and 2013 property taxes deducted in 2013.
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