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I put in a 1098 for the home I sold in NJ but I do not have a 1098 for the home I purchased in SC. Can I use my closing documents

 
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I put in a 1098 for the home I sold in NJ but I do not have a 1098 for the home I purchased in SC. Can I use my closing documents

Yes for some things.  Your closing statement will list a property tax adjustment and daily interest to the end of the month in which you closed.  The property taxes and interest are deductible even though they are not on a 1098.  For example, if you closed November 25, you paid 5 days of interest.  You would not get a 1098 since your regular payments didn't start until January 1.  But that daily interest is deductible.  (If you closed June 25, your closing statement would list 5 days of interest, that is also deductible.  But for the interest from August 1-December 31, you need your 1098 from the lender.)

 

Property taxes are deductible for the period you own the home.  For example, suppose that in your state, property taxes are due January 15 for the Jan 1-Dec 31 year, and you closed on November 25.  You would have given the seller a credit for 36 days of taxes (from Nov 25-Dec 31) because the seller paid those taxes in advance and you are reimbursing the seller for the days you own the home.  You can deduct those taxes as if you paid them directly to the county.

 

You can't deduct amounts put in escrow, since that is still your money until it is used to pay a bill that you owe.

 

If you closed in November or December, your only interest and taxes for the year are probably on your closing statement.  But if you closed earlier, your lender probably has a 1098 that you need to get.  You can add interest and taxes from your closing statement if they are not also included in the 1098. 

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