ltai0001 at yahoo.com
Sun Apr 13 10:42:41 EDT 2008
when you rent and your income is low, you get a property tax refund based on the rent you paid during the year. It is paid by the state but it does not fall under state tax.
My setup for tax refunds is as follows:
Expense: federal Tax
When I know my refund amount, I add it to my asset account and take it out of my expense account. Later when I deposit the refund check, I take out of the asset, and add it top my bank account.
In this case, the expense account increases throughout the year because I itemize the paycheck.
For property tax, I cant have an account "Expense:Property Tax", because I cant itemize it in my rent bill since I don't know how much I am paying for property tax versus actual rent.
----- Original Message ----
From: Robert Ramsdell <rcriii at ramsdells.net>
To: Youssef Ltaief <ltai0001 at yahoo.com>
Cc: gnucash-user at gnucash.org
Sent: Sunday, April 13, 2008 8:12:15 AM
Subject: Re: Property Tax
On Sat, 2008-04-12 at 20:56 -0700, Youssef Ltaief wrote:
> Federal and State Tax Refunds come out of the appropriate Expense Account Taxes.
> But how about property tax refund? Which expense account should they come out of?
Who is refunding the property tax and why?
> Could they come out of the account Bills/Rent since property tax is somehow included in the monthly rent?
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