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posted Jun 6, 2019 10:15:38 AM

Do I have to reflect any Seller paid amounts in HUD Closing statement line 11 for deductible property taxes?

I paid the 2017 tax bill in November for $3,700 but Seller paid me $2,100 on line 211  of HUD when I bought house in July. Do I have to reduce my deduction for line 211?

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Expert Alumni
Jun 6, 2019 10:15:40 AM

If part of your property taxes paid was charged to the seller on the closing statement (HUD-1), you have to reduce the amount claimed for property taxes on your tax return. In your case, you can only claim $1,600 ($3,700 - $2,100) of property taxes in 2017.

1 Replies
Expert Alumni
Jun 6, 2019 10:15:40 AM

If part of your property taxes paid was charged to the seller on the closing statement (HUD-1), you have to reduce the amount claimed for property taxes on your tax return. In your case, you can only claim $1,600 ($3,700 - $2,100) of property taxes in 2017.