Are Property Tax and Mortgage Interest compoundable ?

Question

For California Resident :

The total Property Tax and Mortgage Interest is still below my Standard Deduction by end of 2008, Can I roll over my Property Tax and Mortgage Interest for 2009 ?

Thank you much.

Answer 1

no you cannot

Answer 2

If you pay two years of taxes in the same year, then you can deduct both.  Many people either pay the previous year's tax a little late, or next year's a little early, to take advantage of this.

You probably can't do much about your mortgage interest other than pay your January-Dec payments in the month designated, then the one for the following January at the end of December, so you pay 13 payments for the year.

What you can deduct is what you actually paid in that calendar year.

Answer 3

No.  You can only deduct the what is paid in the current tax year.  Mortgage Interest & Property Taxes are not the only two items that allow you to itemize.  You can deduct out of pocket medical expenses (co-pays, prescription costs, prescription glasses/contacts, dental visits,) state & local taxes paid, donations to charity (by cash or check, keep your receipts,) unreimbursed employee expenses, and tax prep fees from the previous year.  Go to www.irs.gov and check out tax topic 500 for more information.

http://www.irs.gov/taxtopics/tc500.html

Answer 4

No.  Goes year by year only.  You itemize or take the standard deduction.