If I pay my 2008 property taxes in 2009, can I claim both on my taxes?

by Kirk Mason (mason@wsbt.com)

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St. Joseph County residents are still waiting to receive their property tax bills. (WSBT photo)

Story Created: Dec 17, 2008 at 2:31 PM EST

Story Updated: Dec 17, 2008 at 2:54 PM EST

Property taxpayers in St. Joseph County still don't have their bills yet. That should to change any day now. If you want to deduct it from your 2008 taxes, you have to pay by the end of the year.

But what if you wait until next year to pay your bill?

Lester Rouch of Mishawaka asked a Good Question: “If I pay my property taxes for this year and next year in 2009, can I claim both on my taxes filed next year?”

WSBT's Kirk Mason has the answer.

With holiday shopping in full swing, no doubt this is about the last time of year many want to worry about cutting a large check.

For St. Joseph County homeowners it's something to consider because of property tax implications.

If you pay your 2008 property tax bill early next year, then you would lose that deduction when filing your next tax return. However, you would be able to claim both the 2008 and 2009 property tax bills when you filed taxes in 2010.

Local CPAs said what you should do depends entirely on your individual situation, so you may want to ask your accountant.

If your property tax bill is escrowed into your mortgage payments, a number of local banks are making payments so you can claim them on your 2008 tax return. To find out if your mortgage is included just contact your mortgage company.

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