Document for real estate tax

[bcpage]

Does Disney send out a document detailing the real estate tax portion of maintenance dues or does the Annual Dues Statement suffice? I believe this is tax deductible--is this correct?

 

[jekjones1558]

The only document you will get is the dues statement. Hope it satisfies Uncle Sam because that's all I've ever had for documentation.

 

[Camping Griswalds]

So do you deduct the entire dues each year?

 

[mom2alix]

So do you deduct the entire dues each year?

No, the actual amount of real estate taxes paid is broken down on the statement and that's what our CPA uses. HTH!

 

[Camping Griswalds]

No, the actual amount of real estate taxes paid is broken down on the statement and that's what our CPA uses. HTH!

thanks!

 

[Caskbill]

Disney estimates the taxes that will be due for the coming year, and puts that into your annual dues statement you get in December and payable in January (or monthly installments Jan-Dec)

At the end of the year, after they actually pay the taxes, in the next year's statement they report actual taxes paid. For example, a Dec 2006 statement (due Jan 15th 2007) would be for the calendar year 2007, but would show the actual dues paid for 2006. This is the figure you would use for your income taxes.

If the initial estimate was higher than the actual taxes paid, then the overage is applied to the next year's estimate, and your dues payment will be slightly lower for the year. Say they estimated $200 for 2006 but only paid $180. They estimate $210 for 2007. So they escrow the $20, and you pay $190. (or pay monthly installments of 1/12th of $190)

If the initial estimate was lower than the actual taxes paid, then the shortage is due and added to the first payment on the next's year's dues. Say they estimated $200 and the actual was $210. There's a shortage of $10. They estimate 2007 at $210. Your total due will be $220 ($210 + $10). All due on Jan 15th. If you pay monthly installments, they divide the $210 by 12 making $17.50/month, but add the shortage to the 1st month. Thus your January deduction would be $27.50, and the following months would be $17.50.

Keep in mind all these figures represent only the taxes portion of your annual dues. In reality if you had 150 points and dues were $4.25 point, your annual fees including estimated taxes would be $637.50, or about $53/month. In the example directly above the underpayment would apply to the January $53 payment making it $63, and then Feb-Dec would be at the $53 amount.

Hope this helps explain things.

Maintenance fees are based on a calendar year, not on a use year.

 

[Camping Griswalds]

Wow!

What do all of you people do for a "real" job, by that I mean , not answereing these questions in such awesome detail? Whatever it is, Ibet you guys are very good at all of the details!!

 

[Caskbill]

Wow!

What do all of you people do for a "real" job, by that I mean , not answereing these questions in such awesome detail? Whatever it is, Ibet you guys are very good at all of the details!!

Can't speak for the rest, but I'm a retired Engineer, and have always been a 'details' person.