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zmarx69
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Hi I bought a house this year. As part of the purchase I had to pay a full year of my property taxes up front for my escrow. Can I clain that? My 1098 only lists taxes

1098 only shows taxes paid month to month
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Hi I bought a house this year. As part of the purchase I had to pay a full year of my property taxes up front for my escrow. Can I clain that? My 1098 only lists taxes

You can only deduct the amount that they mortgage company actually dispersed (paid on your behalf).  

You can also deduct any interest from the settlement statement that are not already reported on the Form 1098 and not "pre-paid" and held in escrow.  This would be pro-rated amounts from the date you closed escrow until your first payment was due.

Additionally, you can deduct qualified points paid on a mortgage and qualified mortgage insurance premiums. (Points can also be called loan origination fees, maximum loan charges, discount points, or loan discount.)

 



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