tax experts please

[Dznypal]

our loan com just screwed us on our taxes by not paying our property taxes by the end of 2011

so now we cant use that for a deducation for last yr--

we just refinanced last yr and our old loan used to send us a check by the

end of the yr and we would pay our own taxes

but this new place pays them when they are good and ready to they told

us today they will pay them by Jan 31 this is when the city says they are late is after the 31

so my question is can we deduct 2 yrs of taxes on 2012 taxes

the first time we did this our tax person said that from this time on we have to make sure our tazes are paid by the 12-31 every yr

please help

thanks for any advice

 

[usnuzuloose]

I know that when our loan company did not pay them we got a notice. I would have to call the mortgage comapany and get them to pay it. It is there responsibility to make sure they get them paid, if this is how you set it up. If you dont get any where with them I would talk to a attorney. Let us know what happens.

 

[mrspaha]

You can deduct it in 2012, when you actually pay it.

 

[Claire&TheBoys]

Yes, you can deduct 2 years' worth on your 2012 return. Whatever you have proof you paid, you can deduct.

 

[mistysue]

You just deduct it for the year it is paid in. If they are paying it in January, they will probably pay it in January next year too.

 

[clh2]

I know that when our loan company did not pay them we got a notice. I would have to call the mortgage comapany and get them to pay it. It is there responsibility to make sure they get them paid, if this is how you set it up. If you dont get any where with them I would talk to a attorney. Let us know what happens.

I'm not sure I understand why there is a need for an attorney. The taxes are not late.

If your 2012 taxes get paid in 2012, then you would be able to deduct the 2011 taxes that were paid in 2012, as well as the 2012 taxes.

FWIW - we have always paid our own taxes, and not had any problems, because we manage this, along with the property taxes.

 

[seashoreCM]

For next time:
If you have the extra cash laying around or in a regular savings account you could check with your city on December 31 to see if the mortgage company paid the taxes and if not, pay the taxes manually.

When the mortgage company finally pays the taxes that will go towards the next installment.

There is still the slight chance the mortgage company payment will come in exactly on December 31 also resulting in a larger deduction for that year and a smaller deduction for the next year.

 

[Cheshire Figment]

On my property taxes there is a four month window for paying them ijn advance of the actual due date. Paying in advance gives discounts (deeper discounts for the earlier paid). My bank has to pay during the first month or they will eat the lost discount.