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e21innis
New Member

Can we claim the property taxes that were part of our "initial escrow payment at closing"?

 
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2 Replies

Can we claim the property taxes that were part of our "initial escrow payment at closing"?

deposits to escrow accounts are not deductible. only when the tax bill is paid by a withdrawal from the escrow a/c do you get a deduction.

 

DanaB27
Expert Alumni

Can we claim the property taxes that were part of our "initial escrow payment at closing"?

No, the amount paid into the escrow account does is not deductible.  

The bank is holding the money for when the property taxes are due. When the bank pays the tax out of the escrow account, then you are able to claim it on your tax return.

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