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posted Jun 4, 2019 4:54:02 PM

I refinanced my mortgage and trying to find the property taxes paid at closing. One number under “Prepaids” and one under “Inital Escrow Payment at Closing”. Which one?

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Level 1
Jun 4, 2019 4:54:03 PM

1.You can claim any property (real estate) tax you were charged in your closing costs. Look for a "real estate tax", "property tax" or “county taxes” charges on  settlement statement. 

2.If you made payments into an escrow account, you can only deduct the amount actually paid by your lender to the taxing authority on your behalf during the year. Be sure to claim the deduction in the year the payment was made.



1 Replies
Level 1
Jun 4, 2019 4:54:03 PM

1.You can claim any property (real estate) tax you were charged in your closing costs. Look for a "real estate tax", "property tax" or “county taxes” charges on  settlement statement. 

2.If you made payments into an escrow account, you can only deduct the amount actually paid by your lender to the taxing authority on your behalf during the year. Be sure to claim the deduction in the year the payment was made.