Thanks for the reply! That must be how they do it in some states, not illinois. Illinois property taxes run a year behind- so we did pay our full property taxes in 2020, but it was for 2019. Then at closing we credited our buyers $6k to cover the portion of 2020 that we lived in the home, but that they will now have to pay as it comes due in 2021. The sellers of our new home did the same thing, credited us $16k for their portion of the 2020 taxes that we will now have to pay in 2021. The only difference is the tax rate, which means the credit we received for the new home is more than what we paid on the old home just because the taxes on the new home are that much higher. Does that make sense? I didn’t enter the sale of our home because we lived there more than 5 yrs, but now I’m not sure what to do?
