Mello-Roos Tax Deductible

[all]

[quote=bearishgurl] $3,308.66 (payable to CFD’s) out of a $9,398.64 tax bill is NOT tax deductible. [/quote]

What is your source for this?

The most authoritative source that I can find is the one quoted in this thread (http://www.ftb.ca.gov/individuals/faq/net/909.shtml) and that one is not that explicit.

[bearishgurl]

[quote=captcha][quote=bearishgurl] $3,308.66 (payable to CFD’s) out of a $9,398.64 tax bill is NOT tax deductible. [/quote]

What is your source for this?

The most authoritative source that I can find is the one quoted in this thread (http://www.ftb.ca.gov/individuals/faq/net/909.shtml) and that one is not that explicit.[/quote]

captcha, CA AB 2017 (1993 – Caldera) must have died in the legislature because the CA Association of County Treasurers and Tax Collectors opposed it. It provided that counties tell taxpayers on each affected property tax bill exactly which of the charges were NOT tax deductible. The Assn (lobbying for counties) argued back then that it would too onerous for counties to do this. I haven’t ran across the introduction of any more recent bills. Maybe the legislature has lost interest for the time being, but you’d think the FTB would introduce another one as the state is really hurting.

http://info.sen.ca.gov/pub/93-94/bill/asm/ab_2001-2050/ab_2017_cfa_930413_182502_asm_comm

However, this doesn’t mean the CFD’s ARE tax deductible on your state tax return.

Your FTB link, above, does state:

Are Mello-Roos taxes deductible on your personal income tax return?

You cannot deduct Mello-Roos taxes if they are assessed to fund local benefits and improvements that tend to increase the value of your property. Mello-Roos taxes may appear on your annual county property tax bill with other deductible property taxes. That does not mean you can deduct the Mello-Roos taxes. You may only be able to deduct a portion of the total property tax shown on your bill.

Most of the time, you cannot deduct real estate taxes assessed for local benefits and improvements. However, you can deduct them if they are for maintenance, repair, or interest charges related to those benefits. Some examples of local benefits are:

Sidewalks
Streets
Sewer lines
Water mains
Public parking facilities
Other similar improvements
To deduct local benefit taxes, you must be able to show the amount of the taxes that are for maintenance, repair, or interest. If you cannot show what part of the local benefit taxes are for these charges, you cannot deduct the taxes . . .

(emphasis added)

The items above ARE the same items paid for and maintained by CFD’s.

I can’t find any language in the IRC that deals with this particular subject. Not sure if these bonds are in every state, or even very many states.

I would assume that a professional tax preparer WOULD NOT deduct the CFD bonds on your tax return.

[bearishgurl]

[quote=captcha][quote=bearishgurl] $3,308.66 (payable to CFD’s) out of a $9,398.64 tax bill is NOT tax deductible. [/quote]

What is your source for this?

The most authoritative source that I can find is the one quoted in this thread (http://www.ftb.ca.gov/individuals/faq/net/909.shtml) and that one is not that explicit.[/quote]

captcha, CA AB 2017 (1993 – Caldera) must have died in the legislature because the CA Association of County Treasurers and Tax Collectors opposed it. It provided that counties tell taxpayers on each affected property tax bill exactly which of the charges were NOT tax deductible. The Assn (lobbying for counties) argued back then that it would too onerous for counties to do this. I haven’t ran across the introduction of any more recent bills. Maybe the legislature has lost interest for the time being, but you’d think the FTB would introduce another one as the state is really hurting.

http://info.sen.ca.gov/pub/93-94/bill/asm/ab_2001-2050/ab_2017_cfa_930413_182502_asm_comm

However, this doesn’t mean the CFD’s ARE tax deductible on your state tax return.

Your FTB link, above, does state:

Are Mello-Roos taxes deductible on your personal income tax return?

You cannot deduct Mello-Roos taxes if they are assessed to fund local benefits and improvements that tend to increase the value of your property. Mello-Roos taxes may appear on your annual county property tax bill with other deductible property taxes. That does not mean you can deduct the Mello-Roos taxes. You may only be able to deduct a portion of the total property tax shown on your bill.

Most of the time, you cannot deduct real estate taxes assessed for local benefits and improvements. However, you can deduct them if they are for maintenance, repair, or interest charges related to those benefits. Some examples of local benefits are:

Sidewalks
Streets
Sewer lines
Water mains
Public parking facilities
Other similar improvements
To deduct local benefit taxes, you must be able to show the amount of the taxes that are for maintenance, repair, or interest. If you cannot show what part of the local benefit taxes are for these charges, you cannot deduct the taxes . . .

(emphasis added)

The items above ARE the same items paid for and maintained by CFD’s.

I can’t find any language in the IRC that deals with this particular subject. Not sure if these bonds are in every state, or even very many states.

I would assume that a professional tax preparer WOULD NOT deduct the CFD bonds on your tax return.

[bearishgurl]

[quote=captcha][quote=bearishgurl] $3,308.66 (payable to CFD’s) out of a $9,398.64 tax bill is NOT tax deductible. [/quote]

What is your source for this?

The most authoritative source that I can find is the one quoted in this thread (http://www.ftb.ca.gov/individuals/faq/net/909.shtml) and that one is not that explicit.[/quote]

captcha, CA AB 2017 (1993 – Caldera) must have died in the legislature because the CA Association of County Treasurers and Tax Collectors opposed it. It provided that counties tell taxpayers on each affected property tax bill exactly which of the charges were NOT tax deductible. The Assn (lobbying for counties) argued back then that it would too onerous for counties to do this. I haven’t ran across the introduction of any more recent bills. Maybe the legislature has lost interest for the time being, but you’d think the FTB would introduce another one as the state is really hurting.

http://info.sen.ca.gov/pub/93-94/bill/asm/ab_2001-2050/ab_2017_cfa_930413_182502_asm_comm

However, this doesn’t mean the CFD’s ARE tax deductible on your state tax return.

Your FTB link, above, does state:

Are Mello-Roos taxes deductible on your personal income tax return?

You cannot deduct Mello-Roos taxes if they are assessed to fund local benefits and improvements that tend to increase the value of your property. Mello-Roos taxes may appear on your annual county property tax bill with other deductible property taxes. That does not mean you can deduct the Mello-Roos taxes. You may only be able to deduct a portion of the total property tax shown on your bill.

Most of the time, you cannot deduct real estate taxes assessed for local benefits and improvements. However, you can deduct them if they are for maintenance, repair, or interest charges related to those benefits. Some examples of local benefits are:

Sidewalks
Streets
Sewer lines
Water mains
Public parking facilities
Other similar improvements
To deduct local benefit taxes, you must be able to show the amount of the taxes that are for maintenance, repair, or interest. If you cannot show what part of the local benefit taxes are for these charges, you cannot deduct the taxes . . .

(emphasis added)

The items above ARE the same items paid for and maintained by CFD’s.

I can’t find any language in the IRC that deals with this particular subject. Not sure if these bonds are in every state, or even very many states.

I would assume that a professional tax preparer WOULD NOT deduct the CFD bonds on your tax return.

[bearishgurl]

[quote=captcha][quote=bearishgurl] $3,308.66 (payable to CFD’s) out of a $9,398.64 tax bill is NOT tax deductible. [/quote]

What is your source for this?

The most authoritative source that I can find is the one quoted in this thread (http://www.ftb.ca.gov/individuals/faq/net/909.shtml) and that one is not that explicit.[/quote]

captcha, CA AB 2017 (1993 – Caldera) must have died in the legislature because the CA Association of County Treasurers and Tax Collectors opposed it. It provided that counties tell taxpayers on each affected property tax bill exactly which of the charges were NOT tax deductible. The Assn (lobbying for counties) argued back then that it would too onerous for counties to do this. I haven’t ran across the introduction of any more recent bills. Maybe the legislature has lost interest for the time being, but you’d think the FTB would introduce another one as the state is really hurting.

http://info.sen.ca.gov/pub/93-94/bill/asm/ab_2001-2050/ab_2017_cfa_930413_182502_asm_comm

However, this doesn’t mean the CFD’s ARE tax deductible on your state tax return.

Your FTB link, above, does state:

Are Mello-Roos taxes deductible on your personal income tax return?

You cannot deduct Mello-Roos taxes if they are assessed to fund local benefits and improvements that tend to increase the value of your property. Mello-Roos taxes may appear on your annual county property tax bill with other deductible property taxes. That does not mean you can deduct the Mello-Roos taxes. You may only be able to deduct a portion of the total property tax shown on your bill.

Most of the time, you cannot deduct real estate taxes assessed for local benefits and improvements. However, you can deduct them if they are for maintenance, repair, or interest charges related to those benefits. Some examples of local benefits are:

Sidewalks
Streets
Sewer lines
Water mains
Public parking facilities
Other similar improvements
To deduct local benefit taxes, you must be able to show the amount of the taxes that are for maintenance, repair, or interest. If you cannot show what part of the local benefit taxes are for these charges, you cannot deduct the taxes . . .

(emphasis added)

The items above ARE the same items paid for and maintained by CFD’s.

I can’t find any language in the IRC that deals with this particular subject. Not sure if these bonds are in every state, or even very many states.

I would assume that a professional tax preparer WOULD NOT deduct the CFD bonds on your tax return.

[bearishgurl]

[quote=captcha][quote=bearishgurl] $3,308.66 (payable to CFD’s) out of a $9,398.64 tax bill is NOT tax deductible. [/quote]

What is your source for this?

The most authoritative source that I can find is the one quoted in this thread (http://www.ftb.ca.gov/individuals/faq/net/909.shtml) and that one is not that explicit.[/quote]

captcha, CA AB 2017 (1993 – Caldera) must have died in the legislature because the CA Association of County Treasurers and Tax Collectors opposed it. It provided that counties tell taxpayers on each affected property tax bill exactly which of the charges were NOT tax deductible. The Assn (lobbying for counties) argued back then that it would too onerous for counties to do this. I haven’t ran across the introduction of any more recent bills. Maybe the legislature has lost interest for the time being, but you’d think the FTB would introduce another one as the state is really hurting.

http://info.sen.ca.gov/pub/93-94/bill/asm/ab_2001-2050/ab_2017_cfa_930413_182502_asm_comm

However, this doesn’t mean the CFD’s ARE tax deductible on your state tax return.

Your FTB link, above, does state:

Are Mello-Roos taxes deductible on your personal income tax return?

You cannot deduct Mello-Roos taxes if they are assessed to fund local benefits and improvements that tend to increase the value of your property. Mello-Roos taxes may appear on your annual county property tax bill with other deductible property taxes. That does not mean you can deduct the Mello-Roos taxes. You may only be able to deduct a portion of the total property tax shown on your bill.

Most of the time, you cannot deduct real estate taxes assessed for local benefits and improvements. However, you can deduct them if they are for maintenance, repair, or interest charges related to those benefits. Some examples of local benefits are:

Sidewalks
Streets
Sewer lines
Water mains
Public parking facilities
Other similar improvements
To deduct local benefit taxes, you must be able to show the amount of the taxes that are for maintenance, repair, or interest. If you cannot show what part of the local benefit taxes are for these charges, you cannot deduct the taxes . . .

(emphasis added)

The items above ARE the same items paid for and maintained by CFD’s.

I can’t find any language in the IRC that deals with this particular subject. Not sure if these bonds are in every state, or even very many states.

I would assume that a professional tax preparer WOULD NOT deduct the CFD bonds on your tax return.

[all]

Right. And the annual report shows the breakdown of the expenses, including the interest payment.

[all]

Right. And the annual report shows the breakdown of the expenses, including the interest payment.

[all]

Right. And the annual report shows the breakdown of the expenses, including the interest payment.

[all]

Right. And the annual report shows the breakdown of the expenses, including the interest payment.

[all]

Right. And the annual report shows the breakdown of the expenses, including the interest payment.

[Author]

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