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Deductions & credits
I have a similar question but can't figure out how to create a new discussion ...
I paid into escrow in 2020 for taxes. However, because my tax bill jumped a lot, what the mortgage company paid to my county was much more! Of course, I now have a deficit that will be made up gradually this year (2021). When I go to deduct my 2020 property taxes (soon) will I be putting down the amount I actually put into the escrow account in 2020, or the amount that THEY paid to the county in 2020? Obviously this will affect next year's tax submission too, because this year I'm giving them at the new tax rate plus a whole lot of catch-up.
‎January 18, 2021
1:30 PM