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wabec605
New Member

Can I still deduct my property taxes if they were paid from an escrow account but are not listed on my 1098?

Property taxes paid from escrow do not show up on my 1098. what do I do?
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1 Reply
Vanessa A
Expert Alumni

Can I still deduct my property taxes if they were paid from an escrow account but are not listed on my 1098?

Yes.  As long as they were paid, even if they don't show up on your 1098, you can still deduct them if you are itemizing your return.  You can use a mortgage statement or call your mortgage company to find out how much they paid.  If you are not itemizing your return, then there is no need to enter the property taxes paid. 

 

Itemized expenses include mortgage interest, state and local taxes up to $10,000, medical expenses in excess of 7.5% of your AGI and casualty and losses in excess of 10% of you AGI with the first $100 not counting towards the loss.  Your health insurance and all medical expenses are only deductible for the amount that is over 7.5% of your AGI.  This means if your AGI is $50,000, then the amount that is over $3,750 is deductible.  

 

Then your total itemized expenses would need to be greater than your standard deduction below in order to benefit from your insurance premium payments. 

 

The 2023 Standard Deductions are as follows:

  • Married Filing Joint (MFJ)              $27,700
  • Married Filing Separate (MFS)      $13,850
  • Head of Household (HOH)             $20,800 
  • Single                                                     $13,850                                

Blind and MFJ or MFS add $1,500

Single or HOH if blind add $1,850

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