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Old 02-23-2013, 02:31 PM
d5gm28dz
 
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Hi,
I paid my property taxes with the credit card. Is the credit card fee (over $100) the county charges you to pay property taxes deductible in the Federal return? I have gotten conflicting answers.
This is what I found on the IRS site:
Can I claim my expenses as miscellaneous itemized deductions on Schedule A (Form1040)?

You have allowable deductible miscellaneous expenses.

Your expense is a qualified deductible miscellaneous expense because it was used for the purpose of producing or collecting income, or managing, conserving or maintaining income producing property, or to determine, contest, pay or claim a refund of any tax.


Report the type and amount of your expense on the "Other expenses" line of Schedule A (Form 1040). Attach your Schedule A to your Form 1040, U.S. Individual Income Tax Return.

You can only deduct the amount of your total miscellaneous expenses that exceeds 2% of your Adjusted Gross Income.

Thanks
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Old 02-23-2013, 03:39 PM
 
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,551 posts, read 81,085,957 times
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I really doubt it, but best consult a CPA. Seriously, though, a deduction of $100 will not make more than a few cents difference on your tax due/refund.

I'm in commercial real estate and we were going to use a credit card until we found out about the county "convenience fee" of 2.3% which added up to $69,000. It would have saved one employee about 2 days time but that's definitely not cost effective.They also charge a fee of
1.49% to pay by e-check online.
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