In November of 2011, FTB kicked off the Real Estate Tax Deduction Educational Campaign to help educate taxpayers and tax preparers on how to calculate the allowable real estate property tax deduction as an itemized deduction. . .
Under current law, the deductibility of real property taxes is generally a matter of federal law to which California conforms. As such, the FTB will be waiting to review the revisions to the IRS forms and publications to provide comparable revisions to California tax form instructions. The FTB does not anticipate that these revisions will be made prior to the due date for 2011 tax returns (April 17, 2012). We have removed material from our website that limits the deductibility of real property taxes to taxes imposed on an ad valorem basis. Once the IRS forms and instructions are revised, we will provide revised California forms and instructions that are consistent with the revisions made by the IRS.
At this time, we do not plan to add additional reporting requirements related to the real estate tax deduction beginning with the 2012 tax return.
Time to ask your local tax preparer/accountant what THEY would be willing to put their name on and research CA legislation still in the pipeline.
There’s something missing here … :=0[/quote]
Oh come on. BG… The fat lady has sung on this as much as the fat lady sung for Ron Paul on the 3rd inning.
CA FTB follows IRS. IRS rules basically states Mello Roos is deductible. FTB isn’t gonna deviate from it. They’d rather just pass Prop 30 or the likes to raise sales taxes for everyone, which is much easier.
You think maybe that the CA government workers would have gotten the confirmation from IRS before spending probably millions on IT/computer system that isn’t used…. But then again, this is CA where inefficiency is #1.
