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ALTA settlement statement question

Hello,

 

On my settlement statement, in Prorations/Adjustments section there are city/town taxes debited to/from borrower/buyer (me) and credited to seller.

 

It is my understanding that this is a reimbursement of real estate taxes prepaid by the seller. Therefore, it can be included in my real estate tax deduction, based on this article: https://turbotax.intuit.com/tax-tips/home-ownership/buying-your-first-home/L5QxJLcQT.

 

Is this correct?

 

Thank you.

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1 Best answer

Accepted Solutions
M-MTax
Level 10

ALTA settlement statement question

If you paid the tax you can deduct it. Doesn't matter that they're on a settlement statement.

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2 Replies
M-MTax
Level 10

ALTA settlement statement question

If you paid the tax you can deduct it. Doesn't matter that they're on a settlement statement.

ALTA settlement statement question

OK, thank you.

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