Earl E Retyre
Full time employment: Posting here.
- Joined
- Jan 1, 2010
- Messages
- 541
Just wanted to say thanks for those that posted about "bunching deductions"!
My real estate taxes are due in January. But, as I understand it, if I simply pay in December then I can claim both real estate tax payments in the same tax year and itemize. Then the following year, I take the standard deduction. This will save me quite a bit. Genius! Thanks for letting me know.
On a related note, I assume I can do a similar same thing for my rental property and claim both real estate tax payments as expenses in a single year. My tax rate should be much higher this year than next so that will add to my savings.
Now, I wonder what other tax related things I could be doing that I was unaware.
My real estate taxes are due in January. But, as I understand it, if I simply pay in December then I can claim both real estate tax payments in the same tax year and itemize. Then the following year, I take the standard deduction. This will save me quite a bit. Genius! Thanks for letting me know.
On a related note, I assume I can do a similar same thing for my rental property and claim both real estate tax payments as expenses in a single year. My tax rate should be much higher this year than next so that will add to my savings.
Now, I wonder what other tax related things I could be doing that I was unaware.