Income Tax Question, dependents vs property tax

[WillyBWright]

I have three kids and I'm divorced. We have joint custody and placement and the divorce settlement allows that I claim two kids and one kid alternating years with the ex claiming one and two in concert.

My question relates to property taxes. I can make two annual payments in one year and none in the next, alternating.

To date, I have not done that. But I was wondering if it would be to my best advantage to make two property tax payments in the years when I claim two kids, or when I claim one?

I have the check and can pay it either this week, or wait until next month. This year I claim one child and last year's property tax was paid this year. So I could double-up this year. Pay it now, wait til January, or don't it help the bottom line either way?

Same question with my mortgage payment. I can pay January early and make thirteen payments one year and eleven the next year, alternating. I don't have all the numbers yet, so these are general questions.

 

[ndemge]

Re: Income Tax Question, dependents vs property tax

Do you have turbo tax? You can change the #'s and see if it drops you a bracket and saves you anything. It's nice to be able to do it on the computer, run your #'s and see if makes any difference before you submit it for real.


...I have a copy of last year's if you want to use it to play with? You have to re-buy it every year, so don't see a problem with give out an old copy to experiment with.

 

[aspeck]

Re: Income Tax Question, dependents vs property tax

You will definitely have to work it out both ways to see which has more advantages for you. Off hand I would think making the 2 payments the year you claim one child would be best, but ... do the math and get the cold hard facts before doing.