topic I am a new homeowner on my mortgage statement I do not see my property taxes. I pay them through my mortgage where do i add the amount? in Deductions & credits

I am a new homeowner on my mortgage statement I do not see my property taxes. I pay them through my mortgage where do i add the amount?

rmxcrunner — Sun, 04 Apr 2021 02:11:07 GMT

Can I add my escrow fee to my taxes?

Re: I am a new homeowner on my mortgage statement I do not see my property taxes. I pay them through my mortgage where do i add the amount?

Carl — Sun, 04 Apr 2021 02:21:04 GMT

I ma a new homeowner on my mortgage statement I do not see my property taxes.

If you closed on the purchase of your home in 2020, then chances are property taxes due in 2020 were paid before the closing date of your mortgage. If so, then the amount of property taxes paid by you at the closing will be on your closing documents.

Typically in the year ownership of real estate property changes, if the property taxes were paid before the closing, then the buyer reimburses the seller a percentage of those property taxes based on the closing date of the sale and the period of time those property taxes paid, actually cover. The amount will be shown in your closing documentation somewhere.

Also, you can access your county property appraiser's website to see the property taxes paid on that property in 2020. Just keep in mind that most likely the total amount paid as shown on the property appraiser's website may be more than what *you* actually paid in 2020. You can only claim the amount you actually paid in 2020. So be aware of that, and careful you don't claim more than you can prove you paid.

Re: I am a new homeowner on my mortgage statement I do not see my property taxes. I pay them through my mortgage where do i add the amount?

Mike9241 — Sun, 04 Apr 2021 08:09:26 GMT

your escrow fee is not deductible. payments you make with your mortgage to fund the real estate escrow account also aren't deductible. other than possible prorations on buying or selling., only money taken out of your escrow account to pay the taxes is deductible. the reason deposits aren't deductible is because it's the IRS position that there is no actual payment of taxes until money is remitted to the taxing authorities

Re: I am a new homeowner on my mortgage statement I do not see my property taxes. I pay them through my mortgage where do i add the amount?

NCperson — Sun, 04 Apr 2021 10:30:23 GMT

the escrow is not deductible, but on the FORM 1098, the mortgage company will list how much in property tax was paid from the escrow. if that is zero then there is nothing to deduct. it is that simple.

look at your closing statement - if there are taxes you paid on there (likely there is), you can deduct that as well.