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How do I calculate Ad Valorem Taxes when filing Louisiana State Tax?
This is what H&R Block's website defines it as:
Ad Valorem Taxes Paid to Political Subdivisions
A refundable credit is allowed against income tax for taxes paid to Louisiana political subdivisions by a telephone company with respect to that company's public service properties located in Louisiana (R.S. 47:6014). The credit may be passed through certain legal entities to individuals. A schedule must be attached stating what entity or entities paid the tax and obtained the credit on the individuals behalf.
Now that we know what it means, how do I calculate it? Is it just what my mortgage company says I paid in taxes last year?
If it's listed on the phone or utility bill, you can claim the credit. If it's not listed, you can't.
UDA College Nationals 2011:Louisiana State University Division IA Hip Hop 3rd place