There used to be a time that on Turbo Tax you entered escrow payments, which has prompted me to ask this question as I don't believe I have added anything from the escrow in quite some time:
Here is the hypothetical scenario:
Beginning Escrow Balance $1000.00
Additions to Escrow (deposits)* $14,300
Ending Escrow Balance $2593.00
Subtracting the ending balance - from the total tax is 15,300 = $12,707.00 I am assuming paid in 2023.
1. Can I claim this difference amount?
2. Would it be included with the property taxes that are listed separately?
3. Would the IRS identify this additional amount as escrow - since is it not listed as property taxes?
Id appreciate any help with these specifics.. Thanks in advance!
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1. no
2. maybe
3. The IRS doesn't care about your escrow account. The IRS wants mortgage balance and interest paid along with taxes. Escrow generally covers insurance and property tax. Since insurance is not deductible on your main home, it is irrelevant. Property tax should already be reported thus, escrow has no value this year.
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