Sold a home. How do I determine Property Tax?

erbrown — Thu, 06 Jun 2019 06:09:36 GMT

I sold a house in February, 2016. My 1098 shows Property Tax of $2344. My Settlement Statement from the sale shows that I paid over $4600 for Property Tax at closing. How do I make sure I'm entering the correct Property Tax on my 2016 return?

Yes. You may want to contact your mortgage lender to see...

DS30 — Thu, 06 Jun 2019 06:09:38 GMT

Yes. You may want to contact your mortgage lender to see if any of the property taxes paid at closing are included on your 1098. If the additional property taxes paid at closing were not included on your 1098, then you can just add the 2 amounts together and report one total under the property taxes section in TurboTax.

As long as you actually paid these property taxes during the 2016 tax year, you will be able to deduct the full amount as an itemized deduction on your income taxes.

To enter your Property Taxes in TurboTax Online (for TurboTax Online sign-in, click Here , then select "Take Me to My Return") or Desktop, please follow these steps:

Once you are in your tax return, click on the “Federal Taxes” tab ("Personal" tab in TurboTax Home & Business)
Next click on “Deductions and credits”
Next click on "jump to full list" or “I’ll choose what I work on”
Scroll down the screen until to come to the section “Your Home”
Choose "show more", then Property Taxes and follow the onscreen instructions

topic Sold a home. How do I determine Property Tax? in Deductions & credits

Sold a home. How do I determine Property Tax?

Yes. You may want to contact your mortgage lender to see...