Figuring out property tax

[kniquy]

so I believe that you are able to deduct your real estate property taxes on your itemized tax return. (Correct me if I am wrong) Although small I'll take any write off that I can.

When dues come out and we pay them isn't that just an estimated property tax?

How do you find or figure out what we actually paid for property tax for 2016? I'm an AKV owner

 

[jekjones1558]

so I believe that you are able to deduct your real estate property taxes on your itemized tax return. (Correct me if I am wrong) Although small I'll take any write off that I can.

When dues come out and we pay them isn't that just an estimated property tax?

How do you find or figure out what we actually paid for property tax for 2016? I'm an AKV owner

Near the end of the year you will get a statement with actual property taxes paid. Or, at about the same time, you can check online in your account info.

 

[supersnoop]

Per the IRS, property taxes are deductible when you pay them. Since the estimated taxes are trued-up, you can deduct them when you pay your dues.

* I'm not your cpa or tax attorney. Only write off what your or your tax preparer is willing to defend in the event of an audit.

 

[wench]

I always write mine off & the IRS hasn't come for me yet.

 

[Brian Noble]

IANAL, but:

Taxes are deductible if you get an itemized statement for them (as one does with DVC):
http://tug2.net/timeshare_advice/TUG_Taxes_and_Timeshares.html

 

[pmaurer74]

just out of curiosity, if i pay $1200 in MFs for WLV, how much likely is the property tax portion?

 

[jekjones1558]

just out of curiosity, if i pay $1200 in MFs for WLV, how much likely is the property tax portion?

VERY roughy, 20%, so roughly $240.

 

[kniquy]

I looked back at the statement for the 2016 dues and it notes "estimated property tax". Is that acceptable to use on taxes? I would think not and an actual/real amount paid should be what is used. But where can you get that info. Would calling MS or doing a MS chat be helpful?

 

[jekjones1558]

I looked back at the statement for the 2016 dues and it notes "estimated property tax". Is that acceptable to use on taxes? I would think not and an actual/real amount paid should be what is used. But where can you get that info. Would calling MS or doing a MS chat be helpful?

The new statement that will come out in December will have actual for 2016 and that is what you would use for tax purposes.

 

[LisaS]

As Jean said, there will be a line item in your annual dues statement for the actual property tax paid for 2016. If for some reason you do not receive the statement in the mail, you will be able to view it online.