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posted Jun 6, 2019 10:47:34 AM

Are estimate property taxes paid by the seller entered as a deduction on Schedule A or added to cost basis?

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1 Best answer
Intuit Alumni
Jun 6, 2019 10:47:36 AM

It would go on a Schedule A as part of your itemized deductions.  If you are the buyer, you would only allow deducting the prorated amount of the real estate tax due after closing whether the seller pays the entire year and not being reimbursed their share or only pay their portion before the closing.

For more information and examples, please review  Who claims what portion of property tax?

1 Replies
Intuit Alumni
Jun 6, 2019 10:47:36 AM

It would go on a Schedule A as part of your itemized deductions.  If you are the buyer, you would only allow deducting the prorated amount of the real estate tax due after closing whether the seller pays the entire year and not being reimbursed their share or only pay their portion before the closing.

For more information and examples, please review  Who claims what portion of property tax?