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illiram
01-21-2007, 08:49 AM
I was new to DVC in 2006. Do we get a statement showing how much we paid in prperty taxes? Can this be reported on a federal tax return? I paid the prorated dues for 2006 in September and I paid 2007's dues in full on December 26. Can I report both of these since both were paid in 2006? Are porperty taxes just a portion of the dues. Any help would be greatly appreciated.:confused3

drusba
01-21-2007, 11:26 AM
Whether you can deduct property taxes depends on your particular situation, e.g., if you own a main home and DVC is your only "second" home, you can likely deduct, but if you own another second home you have an issue. Check with an accountant to determine whether you can actually deduct.

The statement you got that provided your 2007 dues and estimated taxes that you have to pay for the 2007 year also has on it the property taxes paid in 2006. Thus, it is the document that gives you the property taxes that are deductible for the 2006 year, assuming you can deduct. Also, property taxes are only a portion of the dues and you cannot claim the rest of your dues as a deduction.

You cannot deduct from your 2006 tax year the estimated 2007 property taxes that you paid.