Date:  Fri, 12 Nov 2004
From:  Tony

I paid my local property taxes on my principal residence for 2003 in January of 2004 and will pay my property taxes for 2004 in December, 2004. Are both of these payments deductible on my 2004 income tax returns, since that's when they were paid?

Thanks,
Tony

Answer

Date:  Wed, 24 Nov

Hello Tony,

Yes. Remember that property taxes aren't deductible for the alternative minimum tax, so be sure you aren't subject to AMT when you prepay the April, 2005 installment.

Good luck!
Mike Gray

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