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Level 1

Want to make sure I got both the Homestead and Mortgage exemption on my taxes. How do I find that out?

 
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Level 11

Want to make sure I got both the Homestead and Mortgage exemption on my taxes. How do I find that out?

Your mortgage interest deduction will appear on Line 10 of your federal Schedule A.  The homestead exemption may be on your state tax return.

Depending on where you live, some states offer a Homestead Tax Credit when filing your State tax return.  First, complete your federal tax return, then complete your state tax return.  If your state offers this credit, then TurboTax will ask questions to determine if you qualify.

In other states, you may need to apply for a credit or exemption.  Here, applying for the Homestead Exemption is separate from filing your federal or state tax return.  Generally, you must meet the following requirements to claim the Homestead Exemption:

  • Own your home as of January 1
  • Occupy your home as your principal residence as of January 1

You can visit your local Property Appraiser's or Tax Collector's office in person or online to apply for this property tax break.  In addition to your mortgage interest deduction, you can also deduct the amount of Property Tax paid on your federal tax return by filing a Schedule A.

Many mortgage lenders will include the Property Tax you paid on Form 1098Mortgage Interest Statement.  This information will appear in Box 11.  This statement must be mailed to you by January 31st.

If your mortgage lender did not provide this information on Form 1098, you can call your local city or county property appraiser's or tax assessor’s office, or search their website.  Look for a link to “Property Search” or “Property Tax Records."

Alternatively, you can review your annual escrow statement, which is provided by your mortgage lender.  This information will show how much real estate taxes were paid in the prior year. 

Remember, you can claim the property tax deduction, for all the properties you own, in the year you made the payment. So if you paid your 2018 property tax on December 14, 2017, claim it on your 2017 return.

See this TurboTax article Claiming Property Taxes on Your Tax Return for additional information.