topic House Purchase/Property Taxes in Deductions & credits

House Purchase/Property Taxes

gschleg84 — Thu, 06 Jun 2019 15:47:42 GMT

I bought/closed on my house on 4/21/17 and paid county taxes 04/21/17 - 01/01/18 $1,559.74 to the seller under the section titled "Adjustments for Items Paid by Seller in Advance". Is it my understanding that this amount is tax deductible for me? In November 2017 I received my county tax property bill ($2224) which the full amount was paid through my escrow account. Do I deduct this full amount too? I can't seem to find the answer to my question through old posts.

Thanks!

Yes to the first question. When you bought the house th...

IreneS — Thu, 19 Mar 2020 19:20:19 GMT

Yes to the first question.

When you bought the house the seller had already paid the taxes for all of 2019. You reimbursed them for the time period you owned the house, so you (indirectly) paid those taxes and they are deductible for you.

Maybe to the second question.

Did you receive a 1098 statement from your lender? It should show on the statement how much property tax the lender paid on your behalf in 2019. This amount is deductible in addition to the amount you paid at settlement.

[Edited | 3/19/2020 | 12:08 pm PDT]

Thanks, answers my questions!

gschleg84 — Thu, 06 Jun 2019 15:47:46 GMT

Thanks, answers my questions!