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Can I deduct both the mortgage interests and the property taxes ?

 
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3 Replies

Can I deduct both the mortgage interests and the property taxes ?

If you pay those costs they are deductible as itemized expenses assuming that your total itemized expenses are greater than your standard deduction. 

Can I deduct both the mortgage interests and the property taxes ?

f you escrow your property taxes, it's the taxes that are withdrawn and not the monthly deposits that are deductible. 

JosephS1
Expert Alumni

Can I deduct both the mortgage interests and the property taxes ?

As both Bsch4477 and Mike9241 stated, if you are eligible to itemize deductions and the property taxes were withdrawn from your escrow account then yes they are deductible.  The limitation of itemized deductions pertains to your personal residence.  If these deductions are for a rental property they are fully deductible against the rental income.  Also, keep in mind that there is a limitation on your personal State and Local Taxes of $10,000 that your property taxes are part of.  If you are in a high-tax state such as CA or NY and you have state income taxes withheld you may not receive the full benefit of a property tax deduction.

 

@michelherin 

@Bsch4477 

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