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boxingraider
New Member

I bought a home in August 2016 as a first time buyer, my impound account has been collecting for property taxes. Can i claim property taxes for the 4 months in 2016?

 
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jerry2000
Alumni

I bought a home in August 2016 as a first time buyer, my impound account has been collecting for property taxes. Can i claim property taxes for the 4 months in 2016?

Only if the escrow account actually paid them in 2016. That will be shown on your Form 1098. Although the tax payment is collected monthly, it does not actually pay tax monthly. Your escrow company pays the tax once or twice a year when it is actually due to the taxing authority. You can not claim taxes paid until the escrow company actually pays it.

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jerry2000
Alumni

I bought a home in August 2016 as a first time buyer, my impound account has been collecting for property taxes. Can i claim property taxes for the 4 months in 2016?

Only if the escrow account actually paid them in 2016. That will be shown on your Form 1098. Although the tax payment is collected monthly, it does not actually pay tax monthly. Your escrow company pays the tax once or twice a year when it is actually due to the taxing authority. You can not claim taxes paid until the escrow company actually pays it.

View solution in original post

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