Property Tax

[Mike or Penny Novack]

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? 
>Could they come out of the account Bills/Rent since property tax is somehow included in the monthly rent?
>Thanks
>
>Youssef
>
>
>  
>
Sorry Youssef, that's the sort of question you really have to ask your 
tax accountant. How you have to handle this most definitely depends upon 
how you file your taxes.

Although perhaps confusing for your own records, seeing what your state 
and federal income tax actually were, if you itemize that state income 
tax refund will be an INCOME item on the following year's (federal) 
taxes but the federal will not. You COULD have used the federal as a 
credit toward next year's taxes so it makes sense.

The refund of property tax PROBABLY should go against this next year's 
property tax expense. But you really do need to get the opinion of 
somebody qualified to give you one.

Michael

-- 
There is no possibility of social justice on a dead planet except the equality of the grave.