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Investors & landlords
THere is no such place in any version of TurboTax that asks for escrow fees. Money you pay into an escrow account is not deductible on any tax return. Money in escrow remains "your" money until such time that the escrow account manager uses that money to pay for something, such as property taxes. If the amount paid is a deductible expense (such as property taxes) then you get to deduct only the amount paid, and only in the tax year it was actually paid.
So just exactly what is it you're being asked for? Is this for a property that you purchased in 2020 with the intention of renting it out? Or is this for property you already owned and you are converting it to rental property 2020?
March 12, 2021
11:40 AM