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How do you figure out the amount of property taxes you’ve paid from form 1098?

 
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2 Replies

How do you figure out the amount of property taxes you’ve paid from form 1098?

it might be in box 10 (may be other amounts included)  but only if the taxes were escrowed and it would likely be incorrect if you closed on the property in 2022 because there's probably an adjustment on the closing statement for either a prorated credit for taxes you paid there were attributable to the period the property was not owned by you or a prorated debit for taxes paid by the seller that are allocable to after the property was sold.

JulieS
Expert Alumni

How do you figure out the amount of property taxes you’ve paid from form 1098?

As Mike9241 points out, If you have a mortgage and pay your property taxes through escrow, your lender will report the amount of property taxes paid during the year in box 10 of your 1098-INT, or on an escrow statement. 

 

If you pay your own property taxes, you will need to rely on your payment records or your county's property tax records to find the amount. 

 

If this is the first year you owned this home, be sure to check your closing documents for any taxes that you may have reimbursed the seller for paying before you owned the home. 

 

Likewise, if you sold you home during the year, you need to adjust the amount of taxes you paid. For example: the amount you paid, minus amount you were reimbursed, equals the amount you can deduct. 

 

Beginning in 2018, state and local taxes, including property taxes, are limited to $10,000 per year.

 

To take the deduction, you must be personally liable for the property tax. This means you can’t pay property tax payment for someone else’s home and take the deduction yourself.

 

If you paid your property taxes early or late, you deduct them in the year paid.

 

Click here for more information. 

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