Rental property: Income and expenses-> Report Real Estate Taxes-> enter real estate taxes paid. Can I add real estate taxes from settlement document/ closing doc (4 months prepaid ) on top of what is listed in 1098 or 1098 ONLY?

Forum|Forum|7 years ago
June 1, 2019
12 replies
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Best answer by DianeW777

Yes. On the settlement document you should see your prorated share for the year of the sale. Add those to the taxes paid on the Form 1098.

Do not add the amount from closing that was placed in escrow.

DianeW777Answer

Level 15

Yes. On the settlement document you should see your prorated share for the year of the sale. Add those to the taxes paid on the Form 1098.

Do not add the amount from closing that was placed in escrow.

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sudeepchopra123Author

Level 2

Thanks "On the settlement document you should see your prorated share for the year of the sale. Add those to the taxes paid on the Form 1098". However, Can you please explain how to figure the amount NOT to be added from closing that was placed in escrow?

sudeepchopra123Author

Level 2

Also 2nd question is: "Do not add the amount from closing that was placed in escrow"
- How to determine which amount and which item from closing was placed or not placed in escrow? It doesn't explicitly call out, or does it?