Tractor Talk Discussion Board |
Re: OT Any mortgage smarts people out there?
[ Expand ] [ View Replies ] [ Add a Reply ] [ Return to Forum ]
Posted by Matt from CT on August 11, 2007 at 12:00:50 from (76.232.61.78):
In Reply to: Re: OT Any mortgage smarts people out there? posted by Vern-MI on August 11, 2007 at 09:54:52:
I am not a CPA...but as a general rule property taxes based on assesed value of the property are income tax deductible. So you don't have to earn $15k to pay them. What won't be deductible is "improvements" -- taxes assessed to pay for "improvements" to a specific property -- paving your road, installing sidewalks, putting in water & sewer lines...when such stuff is financed by taxing only the specific properties affected. Although not used in my part of the country, other parts of the country I've seen "parcel" taxes...Fire Department gets $50/parcel, Library gets $10/parcel, etc, regardless of the value of that parcel -- 1/4 acre undeveloped lot, Doublewide, 10 acre strip mall...they all pay the same. Those taxes assessed per parcel are *not* deductible. At least in CT, I'd much rather pay more in Property & State Income taxes then Sales and Tax...I can deduct the first two, I can't the third off my Federal returns.
Replies:
Home
| Forums
Today's Featured Article -
An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
... [Read Article]
Latest Ad:
Sell 1958 Hi-Altitude Massey Fergerson tractor, original condition. three point hitch pto engine, Runs well, photos available upon request
[More Ads]
Copyright © 1997-2024 Yesterday's Tractor Co. All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V. Yesterday's Tractors - Antique Tractor HeadquartersWebsite Accessibility Policy |
|