Anonymous
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Can I claim property tax paid with my homes equity at closing when I sold my home?
Sold my house to my daughter & her husband and gifted all of the equity to them at closing - which was used to cover their down-payment & closing fees. Property taxes were due and they had not built up any escrow yet, so we used our equity to also pay the property tax payment. Since this came from my homes equity, can I claim this property tax payment?
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June 3, 2019
10:42 AM
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Deductions & credits
It depends -
According to the IRS, you are only allowed to claim property taxes that are actually paid during the calendar tax year on property where your name is on the title. So if your name was still on the title at the time you paid the property taxes, you can claim the deduction. But if your name was no longer on the title, then you will not be able to claim the deduction.
June 3, 2019
10:42 AM