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I reimbursed seller for property taxes paid in advance when I purchased my new home. Can I deduct this amount on top of what shows on my 1098 being paid from escrow?
Property taxes are paid in advance where I live so at closing I reimbursed seller ($3,048) to prorate from date of closing to end of summer and winter tax bills. I feel I should be able to deduct this expense but not sure if I'm allowed to.
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posted
June 6, 2019
10:40 AM
last updated
June 06, 2019
10:40 AM
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I reimbursed seller for property taxes paid in advance when I purchased my new home. Can I deduct this amount on top of what shows on my 1098 being paid from escrow?
Yes. You can deduct all of the property taxes paid (as long as you itemize deductions). Please view the TurboTax FAQ below for more information.
June 6, 2019
10:40 AM
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I reimbursed seller for property taxes paid in advance when I purchased my new home. Can I deduct this amount on top of what shows on my 1098 being paid from escrow?
Thank you! I think I found the right spot to add the additional taxes. Any idea where to add prepaid interest? And are there other closing costs I can write off like mortgage insurance?
June 6, 2019
10:40 AM
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