Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
luckyrebel44
New Member

Closed Escrow on December 13, 2016, didn't make mortgage payment until Feb 1. How should I record thois

 
1 Best answer

Accepted Solutions
jerry2000
Alumni

Closed Escrow on December 13, 2016, didn't make mortgage payment until Feb 1. How should I record thois

You can deduct mortgage interest, points, and real estate property tax paid at closing. You report those expenses along with other mortgage interest/property taxes paid in the year at
Federal Taxes (or Personal if using Home and Business)
Deductions And Credits
choose I'll choose what I work on, if asked OR Jump to Full List
My Home

All other costs paid at closing, including transfer taxes, "stamps", escrow fees, etc., are NOT deductible from current income, instead you add them to the cost basis of your home and you will get the benefit when you sell.

View solution in original post

1 Reply
jerry2000
Alumni

Closed Escrow on December 13, 2016, didn't make mortgage payment until Feb 1. How should I record thois

You can deduct mortgage interest, points, and real estate property tax paid at closing. You report those expenses along with other mortgage interest/property taxes paid in the year at
Federal Taxes (or Personal if using Home and Business)
Deductions And Credits
choose I'll choose what I work on, if asked OR Jump to Full List
My Home

All other costs paid at closing, including transfer taxes, "stamps", escrow fees, etc., are NOT deductible from current income, instead you add them to the cost basis of your home and you will get the benefit when you sell.

View solution in original post

Dynamic AdsDynamic Ads
Privacy Settings
v