Got a condo w/ fiancé

[dcarrillo142011]

Wondering if we can use the portion of school taxes in our closing disclosure for the amount we enter in the property taxes. It does ask about municipal tax, but wasn’t sure if the answer for that would be 0 or something else

[RaifH]

Yes, the portion of school taxes you paid is tax-deductible if you are itemizing your deductions. Your school taxes are based on the value of your property. If you are splitting the costs with your fiancé, each of you can only report half of the closing costs on your tax return. To report the taxes paid at closing:

1. In the Federal > Deductions & Credits section of your return, scroll down to Your Home and click Start/Revisit next to Property (Real Estate) Taxes
2. Enter your property taxes in the first field Additional property (real estate) taxes

Remember to only report the portion of the taxes you paid if your fiancé paid a portion as well.