Mello-Roos Tax Deductible

[jpinpb]

I think not being able to deduct the MR is BS. I mean, technically, it’s property tax were it not for Prop 13. This is their roundabout way to go around Prop 13, but the reality is it is property tax. You should be able to deduct it. There must be some way to get a law overturned on this. It’s really screwing the homeowner. Prop 13 was supposed to help homeowners, but it just helps those who have been there for a long time. The new homeowners in new communities are really getting the shaft and carrying a load. It adds insult to injury. We will screw you w/a higher tax AND you can’t deduct it. That blows and sucks.

[csr_sd]

you always have the choice to move to an older area!
hurry now, it is the best time to buy!

Prop 13 sucks and that is the law that needs changing.

[csr_sd]

you always have the choice to move to an older area!
hurry now, it is the best time to buy!

Prop 13 sucks and that is the law that needs changing.

[csr_sd]

you always have the choice to move to an older area!
hurry now, it is the best time to buy!

Prop 13 sucks and that is the law that needs changing.

[csr_sd]

you always have the choice to move to an older area!
hurry now, it is the best time to buy!

Prop 13 sucks and that is the law that needs changing.

[csr_sd]

you always have the choice to move to an older area!
hurry now, it is the best time to buy!

Prop 13 sucks and that is the law that needs changing.

[jpinpb]

That’s true and I mostly look in older neighborhoods. I sometimes look in newer ones and it’s tempting at times, but the HOAs and MRs convince me otherwise.

I can understand Prop 13 helping the elder on fixed income. They finally pay off their house. They don’t need to be paying huge taxes and deplete their ever tiny SS check. Believe me, by the time you reach their age w/no SS you will be glad to have low prop tax.

I just think the MR should be able to be written off b/c it essentially is prop tax.

[jpinpb]

That’s true and I mostly look in older neighborhoods. I sometimes look in newer ones and it’s tempting at times, but the HOAs and MRs convince me otherwise.

I can understand Prop 13 helping the elder on fixed income. They finally pay off their house. They don’t need to be paying huge taxes and deplete their ever tiny SS check. Believe me, by the time you reach their age w/no SS you will be glad to have low prop tax.

I just think the MR should be able to be written off b/c it essentially is prop tax.

[jpinpb]

That’s true and I mostly look in older neighborhoods. I sometimes look in newer ones and it’s tempting at times, but the HOAs and MRs convince me otherwise.

I can understand Prop 13 helping the elder on fixed income. They finally pay off their house. They don’t need to be paying huge taxes and deplete their ever tiny SS check. Believe me, by the time you reach their age w/no SS you will be glad to have low prop tax.

I just think the MR should be able to be written off b/c it essentially is prop tax.

[jpinpb]

That’s true and I mostly look in older neighborhoods. I sometimes look in newer ones and it’s tempting at times, but the HOAs and MRs convince me otherwise.

I can understand Prop 13 helping the elder on fixed income. They finally pay off their house. They don’t need to be paying huge taxes and deplete their ever tiny SS check. Believe me, by the time you reach their age w/no SS you will be glad to have low prop tax.

I just think the MR should be able to be written off b/c it essentially is prop tax.

[jpinpb]

That’s true and I mostly look in older neighborhoods. I sometimes look in newer ones and it’s tempting at times, but the HOAs and MRs convince me otherwise.

I can understand Prop 13 helping the elder on fixed income. They finally pay off their house. They don’t need to be paying huge taxes and deplete their ever tiny SS check. Believe me, by the time you reach their age w/no SS you will be glad to have low prop tax.

I just think the MR should be able to be written off b/c it essentially is prop tax.

[equalizer]

SDR,

You are (for once) not correct by stating simple NO.
Since there is NO detailed answer on web, we must read and interpret.
CA FTB defelect to IRS Chapter 22:

“Taxes for local benefits. Deductible real estate taxes generally do not include taxes charged for local benefits and improvements tending to increase the value of your property. These include assessments for streets, sidewalks, water mains, sewer lines, public parking facilities, and similar improvements. You should increase the basis of your property by the amount of the assessment.

Local benefit taxes are deductible only if they are for maintenance, repair, or interest charges related to those benefits. If only a part of the taxes is for maintenance, repair, or interest, you must be able to show the amount of that part to claim the deduction. If you cannot determine what part of the tax is for maintenance, repair, or interest, none of it is deductible.”

OK, in plain english, most MR are for school and road bonds, principal and interest. So you can deduct interest for the road, maybe even the schools. However, the part about increasing the basis of property is odd, bet its never used, I bet 99% deduct MR year.

[equalizer]

SDR,

You are (for once) not correct by stating simple NO.
Since there is NO detailed answer on web, we must read and interpret.
CA FTB defelect to IRS Chapter 22:

“Taxes for local benefits. Deductible real estate taxes generally do not include taxes charged for local benefits and improvements tending to increase the value of your property. These include assessments for streets, sidewalks, water mains, sewer lines, public parking facilities, and similar improvements. You should increase the basis of your property by the amount of the assessment.

Local benefit taxes are deductible only if they are for maintenance, repair, or interest charges related to those benefits. If only a part of the taxes is for maintenance, repair, or interest, you must be able to show the amount of that part to claim the deduction. If you cannot determine what part of the tax is for maintenance, repair, or interest, none of it is deductible.”

OK, in plain english, most MR are for school and road bonds, principal and interest. So you can deduct interest for the road, maybe even the schools. However, the part about increasing the basis of property is odd, bet its never used, I bet 99% deduct MR year.

[equalizer]

SDR,

You are (for once) not correct by stating simple NO.
Since there is NO detailed answer on web, we must read and interpret.
CA FTB defelect to IRS Chapter 22:

“Taxes for local benefits. Deductible real estate taxes generally do not include taxes charged for local benefits and improvements tending to increase the value of your property. These include assessments for streets, sidewalks, water mains, sewer lines, public parking facilities, and similar improvements. You should increase the basis of your property by the amount of the assessment.

Local benefit taxes are deductible only if they are for maintenance, repair, or interest charges related to those benefits. If only a part of the taxes is for maintenance, repair, or interest, you must be able to show the amount of that part to claim the deduction. If you cannot determine what part of the tax is for maintenance, repair, or interest, none of it is deductible.”

OK, in plain english, most MR are for school and road bonds, principal and interest. So you can deduct interest for the road, maybe even the schools. However, the part about increasing the basis of property is odd, bet its never used, I bet 99% deduct MR year.

[equalizer]

SDR,

You are (for once) not correct by stating simple NO.
Since there is NO detailed answer on web, we must read and interpret.
CA FTB defelect to IRS Chapter 22:

“Taxes for local benefits. Deductible real estate taxes generally do not include taxes charged for local benefits and improvements tending to increase the value of your property. These include assessments for streets, sidewalks, water mains, sewer lines, public parking facilities, and similar improvements. You should increase the basis of your property by the amount of the assessment.

Local benefit taxes are deductible only if they are for maintenance, repair, or interest charges related to those benefits. If only a part of the taxes is for maintenance, repair, or interest, you must be able to show the amount of that part to claim the deduction. If you cannot determine what part of the tax is for maintenance, repair, or interest, none of it is deductible.”

OK, in plain english, most MR are for school and road bonds, principal and interest. So you can deduct interest for the road, maybe even the schools. However, the part about increasing the basis of property is odd, bet its never used, I bet 99% deduct MR year.

[Author]

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