Mello-Roos Tax Deductible

[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]

Am I to believe that no one here is a CPA or has never asked their CPA for detailed example??? I’ll bet 99% of MR is deducted, so dont ask, dont tell.

Lets please have a CPA give a few examples because Not one CPA in this state wants to answer that question!!! The CA FTB deflects question to IRS and the IRS gives generic answer with no examples. The FTB hints that generally answer is no, but REFUSES to provide examples, IRS refuses to provide examples, as do CPAs and tax lawyers. Maybe they want to bill $500/hr for 10 hours to answer no.

This question is not as complicated as those fancy FPGA thingamagics that SDR designs. If the IRS, FTB, cant provide reasonable guidance, then 99% are out of strict compliance.

[equalizer]

Am I to believe that no one here is a CPA or has never asked their CPA for detailed example??? I’ll bet 99% of MR is deducted, so dont ask, dont tell.

Lets please have a CPA give a few examples because Not one CPA in this state wants to answer that question!!! The CA FTB deflects question to IRS and the IRS gives generic answer with no examples. The FTB hints that generally answer is no, but REFUSES to provide examples, IRS refuses to provide examples, as do CPAs and tax lawyers. Maybe they want to bill $500/hr for 10 hours to answer no.

This question is not as complicated as those fancy FPGA thingamagics that SDR designs. If the IRS, FTB, cant provide reasonable guidance, then 99% are out of strict compliance.

[equalizer]

Am I to believe that no one here is a CPA or has never asked their CPA for detailed example??? I’ll bet 99% of MR is deducted, so dont ask, dont tell.

Lets please have a CPA give a few examples because Not one CPA in this state wants to answer that question!!! The CA FTB deflects question to IRS and the IRS gives generic answer with no examples. The FTB hints that generally answer is no, but REFUSES to provide examples, IRS refuses to provide examples, as do CPAs and tax lawyers. Maybe they want to bill $500/hr for 10 hours to answer no.

This question is not as complicated as those fancy FPGA thingamagics that SDR designs. If the IRS, FTB, cant provide reasonable guidance, then 99% are out of strict compliance.

[equalizer]

Am I to believe that no one here is a CPA or has never asked their CPA for detailed example??? I’ll bet 99% of MR is deducted, so dont ask, dont tell.

Lets please have a CPA give a few examples because Not one CPA in this state wants to answer that question!!! The CA FTB deflects question to IRS and the IRS gives generic answer with no examples. The FTB hints that generally answer is no, but REFUSES to provide examples, IRS refuses to provide examples, as do CPAs and tax lawyers. Maybe they want to bill $500/hr for 10 hours to answer no.

This question is not as complicated as those fancy FPGA thingamagics that SDR designs. If the IRS, FTB, cant provide reasonable guidance, then 99% are out of strict compliance.

[equalizer]

Am I to believe that no one here is a CPA or has never asked their CPA for detailed example??? I’ll bet 99% of MR is deducted, so dont ask, dont tell.

Lets please have a CPA give a few examples because Not one CPA in this state wants to answer that question!!! The CA FTB deflects question to IRS and the IRS gives generic answer with no examples. The FTB hints that generally answer is no, but REFUSES to provide examples, IRS refuses to provide examples, as do CPAs and tax lawyers. Maybe they want to bill $500/hr for 10 hours to answer no.

This question is not as complicated as those fancy FPGA thingamagics that SDR designs. If the IRS, FTB, cant provide reasonable guidance, then 99% are out of strict compliance.

[SD Realtor]

Equalizer very good post. I would agree first off that most likely 99% of all homeowners who do pay Mello Roos of primary residences do indeed deduct them. However when I am asked are they deductible I routinely answer just like I did in this post. First sentence,

“consult the tax code”.

which is what you have done which is a good job. Still though, my CPA plays it very close to the vest with regards to taxes, probably closer then it needs to be and my answer mirrors his guidance on that.

Your answer is more technically correct, my very first sentence not withstanding.

[SD Realtor]

Equalizer very good post. I would agree first off that most likely 99% of all homeowners who do pay Mello Roos of primary residences do indeed deduct them. However when I am asked are they deductible I routinely answer just like I did in this post. First sentence,

“consult the tax code”.

which is what you have done which is a good job. Still though, my CPA plays it very close to the vest with regards to taxes, probably closer then it needs to be and my answer mirrors his guidance on that.

Your answer is more technically correct, my very first sentence not withstanding.

[SD Realtor]

Equalizer very good post. I would agree first off that most likely 99% of all homeowners who do pay Mello Roos of primary residences do indeed deduct them. However when I am asked are they deductible I routinely answer just like I did in this post. First sentence,

“consult the tax code”.

which is what you have done which is a good job. Still though, my CPA plays it very close to the vest with regards to taxes, probably closer then it needs to be and my answer mirrors his guidance on that.

Your answer is more technically correct, my very first sentence not withstanding.

[SD Realtor]

Equalizer very good post. I would agree first off that most likely 99% of all homeowners who do pay Mello Roos of primary residences do indeed deduct them. However when I am asked are they deductible I routinely answer just like I did in this post. First sentence,

“consult the tax code”.

which is what you have done which is a good job. Still though, my CPA plays it very close to the vest with regards to taxes, probably closer then it needs to be and my answer mirrors his guidance on that.

Your answer is more technically correct, my very first sentence not withstanding.

[SD Realtor]

Equalizer very good post. I would agree first off that most likely 99% of all homeowners who do pay Mello Roos of primary residences do indeed deduct them. However when I am asked are they deductible I routinely answer just like I did in this post. First sentence,

“consult the tax code”.

which is what you have done which is a good job. Still though, my CPA plays it very close to the vest with regards to taxes, probably closer then it needs to be and my answer mirrors his guidance on that.

Your answer is more technically correct, my very first sentence not withstanding.

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Anyone out there ever deducted Mello-Roos and been “caught” by the IRS?

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Anyone out there ever deducted Mello-Roos and been “caught” by the IRS?

[[email protected]]

Anyone out there ever deducted Mello-Roos and been “caught” by the IRS?

[[email protected]]

Anyone out there ever deducted Mello-Roos and been “caught” by the IRS?

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