I sold my home and paid prorated taxes to the buyer at closing, do I add those prorated taxes under property taxes paid for the year?
I sold my home and paid prorated taxes to the buyer at closing, do I add those prorated taxes under property taxes paid for the year? Or, do I list them as an expense of closing on the property?
011433
1 Replies
MaryK1
Level 9
Jun 1, 2019 1:23:32 AM
Yes, For federal income tax purposes, the seller is treated as paying the property taxes up to, but not including, the date of sale. They are an itemized deduction on Schedule A.