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Deductions & credits
As both Bsch4477 and Mike9241 stated, if you are eligible to itemize deductions and the property taxes were withdrawn from your escrow account then yes they are deductible. The limitation of itemized deductions pertains to your personal residence. If these deductions are for a rental property they are fully deductible against the rental income. Also, keep in mind that there is a limitation on your personal State and Local Taxes of $10,000 that your property taxes are part of. If you are in a high-tax state such as CA or NY and you have state income taxes withheld you may not receive the full benefit of a property tax deduction.
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‎February 6, 2023
10:05 AM