topic Do I apply 2020-2021 annual property tax 1st installment due 11/1/20 to tax break in 2020? What if it was paid in early 2021 since my lender got mixed up due to refinance in Deductions & credits

Do I apply 2020-2021 annual property tax 1st installment due 11/1/20 to tax break in 2020? What if it was paid in early 2021 since my lender got mixed up due to refinance

billlee53070 — Wed, 24 Mar 2021 00:20:21 GMT

Your prompt response would be highly appreciated. Thanks.

Re: Do I apply 2020-2021 annual property tax 1st installment due 11/1/20 to tax break in 2020? Wh...

MaryK4 — Wed, 24 Mar 2021 00:32:53 GMT

You deduct in the year that you paid in most cases- you will wait until next year (2021 tax return).

Re: Do I apply 2020-2021 annual property tax 1st installment due 11/1/20 to tax break in 2020? Wh...

billlee53070 — Wed, 24 Mar 2021 01:45:31 GMT

But my lender made a mistake and paid early this year in 2021. Isn't it good for tax benefit in 2020? Thanks again.

Bill Lee

Re: Do I apply 2020-2021 annual property tax 1st installment due 11/1/20 to tax break in 2020? Wh...

gloriah5200 — Wed, 24 Mar 2021 02:36:26 GMT

Your lender should provide you Form 1098 or other statement that will report to you the amount of real estate tax that was paid during the calendar year.

You only get a credit for when it was paid, not when it was supposed to be paid.