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.
You'll need to sign in or create an account to connect with an expert.
If you paid the tax you can deduct it. Doesn't matter that they're on a settlement statement.
If you paid the tax you can deduct it. Doesn't matter that they're on a settlement statement.
OK, thank you.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
willkills
Returning Member
Flanda
Returning Member
jello77
Level 3
razor5
Level 3
fcbdc
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.