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I take it that you are paying a monthly amount to an "escrow" account with the loan servicer, with the money earmarked for property tax payments, and maybe other things.
The amount that you pay to the servicer is not necessary the same as the servicer pays out. That monthly amount is simply an "estimate" and the amounts paid out in a year almost certainly won't agree to your own payments into the escrow account for the year.
You can't deduct the amounts you pay the servicer for property taxes, you can only deduct the amounts that the servicer pays to the property tax authorities.
Tom Young
I take it that you are paying a monthly amount to an "escrow" account with the loan servicer, with the money earmarked for property tax payments, and maybe other things.
The amount that you pay to the servicer is not necessary the same as the servicer pays out. That monthly amount is simply an "estimate" and the amounts paid out in a year almost certainly won't agree to your own payments into the escrow account for the year.
You can't deduct the amounts you pay the servicer for property taxes, you can only deduct the amounts that the servicer pays to the property tax authorities.
Tom Young
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