tax ?

[robandkelly13]

When do we receive a DVC summary for 2008 that list the taxes paid and so forth?

 

[erionm]

If Disney financed your purchase, you will receive a Form 1098 if there was any mortgage interest paid.

As for the property tax portion of you annual dues, you will have to use your annual dues statement.

You should contact a certified tax professional to determine if you can deduct either or both of these from your tax return.

 

[danielle782001]

Do you know when the tax information will come in the mail?

 

[erionm]

Do you know when the tax information will come in the mail?

The Form 1098 has to be postmarked no later than 1/31.

 

[camlace]

Do you know when the tax information will come in the mail?

You should already have your property "tax" info, its on your annual dues statement. If you are looking for your mortgage interest info, that is the info that must be postmarked by 1/31/09. If you have an active loan you can look at the interest paid last year on the DVC member website in the loans section.

 

[Debbru]

I have a question about DVC property taxes. Wouldn't you use the amount actually paid during 2008 - which in our case was what we paid in January 2008 (not 2009) and would be the tax amounts on the statement we received in December 2007?

 

[doconeill]

I believe you "pre-pay" the tax for the upcoming year as part of your dues. Then you get a credit back for the amount paid vs. actual taxes (is the pre-pay ever less than the taxes?)

So therefore you did pay your 2008 dues in 2008.

 

[Debbru]

Thanks for the reply, but I'm feeling a little "dense". Are you saying I use the tax amounts paid in January 2008, which were on the statement received in December 2007 (regardless of what year those amounts were actually for)? Or do I use the amounts I just paid this month that were on the statement I received December 2008?

 

[erionm]

Thanks for the reply, but I'm feeling a little "dense". Are you saying I use the tax amounts paid in January 2008, which were on the statement received in December 2007 (regardless of what year those amounts were actually for)? Or do I use the amounts I just paid this month that were on the statement I received December 2008?

You generally report amounts paid during the tax year you are filing for. For your 2008 return, that would be the property taxes for 2008 which would have been paid from an estimated amount in Jan 08.

 

[DebbieB]

You would use the 2008 "actual" on the December 2008 statement. The amount on the December 2007 would be 2008 "estimated".