There used to be a time that on Turbo Tax you entered escrow payments, which has prompted me to ask this question as I don't believe I have added anything from the escrow in quite some time:
Here is the hypothetical scenario:
Beginning Escrow Balance $1000.00
Additions to Escrow (deposits)* $14,300
Ending Escrow Balance $2593.00
Subtracting the ending balance - from the total tax is 15,300 = $12,707.00 I am assuming paid in 2023.
1. Can I claim this difference amount?
2. Would it be included with the property taxes that are listed separately?
3. Would the IRS identify this additional amount as escrow - since is it not listed as property taxes?
Id appreciate any help with these specifics.. Thanks in advance!
