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That time of the year - Property Taxes!

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Revelate
Moderator Emeritus

Re: That time of the year - Property Taxes!

I wish mine were in January.

 

Not sure on the IRS definition but they haven't minded my making payments for a given year in the preceeding tax year and counting it against the prior year taxes.  Being able to target a deduction for either year is a good thing tax wise.




        
Message 11 of 12
SarahJo
Established Contributor

Re: That time of the year - Property Taxes!

We have a savings account earmarked for taxes and homeowner’s annual that yields 2.5%, and each month the required amount is transferred in from a 3% checking account after the dividend is paid. We transfer more than needed as our home is owned flat-out/home business and technically we live in a flood plain... sooooo better to have a bird in the hand than bleeding money in insurance costs that MIGHT get a payout. Never had to use the excess funds yet, but I love interest ;-)

Edit: When the tax bill comes 2x per year and the homeowner’s insurance 1x, we transfer the exact amount back to the checking account and cut a check.

Present Day...Equifax: ???, TransUnion: 777, Experian: 781
Sept. 2016...Equifax: 652, TransUnion: 608, Experian: 597
Message 12 of 12
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