Taxes at OKW

[Herzka]

I purchased a resale in Nov and paid the previous owner for the points left in 2000. Can anyone tell me how much per point the taxes are at OKW?

Thanks in advance.

 

[PamOKW]

For 2000 the breakout per point was:

Operating: $2.0615
Capital: .3301
Property Tax:.7707

I can't remember if the property tax was reduced on the final budget.

For 2001 it's
Operating: $2.0649
Capital: .3466
Property Tax:.7157

 

[CRobin]

Herzka - just a word of caution. You may want to ask a tax expert about the deductability. My tax preparation software (admittedly not an expert) noted that the taxes could be only deducted by the OWNER of the property for the subject tax year, regardless who actually PAID the taxes (which you did by paying the fees for 2000).

I had the exact situation as you last December and decided just to forego the deduction for this filing year.

Pretty strange regulation, IMHO, but I elected not to take a chance on triggering an audit (and maybe losing!)

Grand Floridian 1994
Yacht Club 1996-1999
Beach Club 2000
Old Key West 2001

 

[JeffreyH]

Not sure if Herzka was planning on deducting the taxes for the year 2000 on their taxes? Just asks how much taxes are per point (perhaps thinking about your 2001 taxes?).

Even though you became an owner in the year 2000, if the previous owner paid the maintenance fees, I would think it was their deduction, even if you paid say $10/point for any leftover 2000 points. Unless you gave them $ specifically for the maintenance taxes (which would mean they couldn't take the deduction), I would think that you couldn't take the deduction. But CRobin's advice of consulting "an expert" is the best advice if you are indeed considering deducting the property tax portion of mainteance fees for the year 2000.

 

[DVCDAVE]

I have a feeling this may be a hot topic, but when I did my taxes on Quicken (again I know it is not an expert, but I do have my taxes audited by an expert before I file), when it asked me for taxes paid in another state other than my home, it warned me that the taxes must be itemized on that states tax form in order for it to be deductable for federal purposes. Since I do not file a Florida tax, I did not deduct them.

I ran this by my tax auditor, and he agreed with me.

Did I do something wrong ? Could I have deducted them, as I do itemize on my Federal return.?

WDW:
76,77,78,87,FW
92,Offsite
95 POL
96(2), GF,Offsite
97,GF
98,99,00,FW
8/00 DVC member @ BWV
3/01 BWV, FW
3/01 DVC member @ WLV
11/01 BWV !

 

[Firefighter Mickey]

We've always deducted our real estate taxes paid for DVC. I can't recall the tax software that I use ever warning me about having to itemize it on some other state tax form. What do you do if that state doesn't allow property taxes as a deduction or doesn't have a form that you can itemize?