BCV Actual Property Taxes for 2005

[JeffreyH]

Hello. I am trying to finish my taxes, but I can't find my dues statement and I don't know my username for the DVC member section. So, while I promise to try and get more organized, does anyone know how much the actual amount per point was for property taxes at BCV in 2005?

I've done several searches ot these threads, but I can't find the number.

Thanks.

 

[PCFriar80]

.9893 /pt. - 2005 taxes (actual) - BCV .

 

[JeffreyH]

I greatly appreciate your help.

Jeff

 

[dcfromva]

.9893 /pt. - 2005 taxes (actual) - BCV .

PCFriar80,
I may have this wrong, but weren't some of those taxes actually paid in Jan 2006? (Didn't Disney underestimate the taxes again--so the remainder of the 2005 tax bill was paid in Jan 2006?)

I think you can go back to the 2004 statement to find out the amount of taxes which were underestimated in the 2004 dues, but paid in 2005...


-DC

 

[Doug Wolfe]

Taxes?

Well, they are due tomorrow April 17th aren't they?

Looks like it will be a long night for me.

 

[PCFriar80]

PCFriar80,
I may have this wrong, but weren't some of those taxes actually paid in Jan 2006? (Didn't Disney underestimate the taxes again--so the remainder of the 2005 tax bill was paid in Jan 2006?)

I think you can go back to the 2004 statement to find out the amount of taxes which were underestimated in the 2004 dues, but paid in 2005...


-DC

Yes there was shortfall in the estimate/escrow, however the 2005 "actuals" take into account the estimate/escrow plus the shortfall owed. From a tax reporting perspective it's "2005 property tax -actual" amount you can deduct, if you itemize. There will always be a shortfall/overage from year to year as property taxes are estimated at the beginning of each year. Say goodbye to tax season!!

 

[RobDoc]

Yes there was shortfall in the estimate/escrow, however the 2005 "actuals" take into account the estimate/escrow plus the shortfall owed. From a tax reporting perspective it's "2005 property tax -actual" amount you can deduct, if you itemize. There will always be a shortfall/overage from year to year as property taxes are estimated at the beginning of each year. Say goodbye to tax season!!

The "2005 property tax -actual" amount can only be deducted if that's what you actually paid in 2005. If you paid some other amount, that's what may be deducted - taking into account overage/underage adjustments from the prior year. For most members, the amount actually paid in 2005 will vary from the "2005 property tax -actual" amount. For new purchasers whose taxes were prorated for the year- their amount will be far less than the actual. Resale purchases made in 2005 most likely did not actually pay the property taxes (since they were actually paid by the seller).

Anyone whose taxes were adjusted for 2004 and then estimated for 2005 probably paid something different than the "actual" for the year and the 2006 taxes have been adjusted accordingly. The amount "actually" paid by an individual member was included on the dues statement sent out in December and that's probably the number that should be reported for those that itemize.

It might be wise to get advice from your personal tax advisor when claiming property taxes and mortgage interest for a timeshare.