No parcel numbers on FTB returns (04-13-2012)
The FTB will not require taxpayers to enter parcel numbers (and nondeductible amounts) for property tax claimed on Schedule A on the 2012 California tax return. This decision is in response to the Information Letter recently released by the IRS stating that there is no statutory requirement that a real property tax be an ad valorem tax to be deductible.
There has been much debate over what items on the property tax bill are deductible, and where taxpayers would get the necessary information to properly determine the deductible amounts. However, since the FTB has cancelled their plans to request this additional information on future returns, you can tell your clients that they do not need to gather information — that is often unavailable — to claim a property tax deduction.
The FTB will not require taxpayers to enter parcel numbers (and nondeductible amounts) for property tax claimed on Schedule A on the 2012 California tax return. This decision is in response to the Information Letter recently released by the IRS stating that there is no statutory requirement that a real property tax be an ad valorem tax to be deductible.
There has been much debate over what items on the property tax bill are deductible, and where taxpayers would get the necessary information to properly determine the deductible amounts. However, since the FTB has cancelled their plans to request this additional information on future returns, you can tell your clients that they do not need to gather information — that is often unavailable — to claim a property tax deduction.
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