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Property tax deductions for home sold
I'm trying to figure out what I can deduct as property taxes this year. I sold my home on May 18th of this year. On my Closing Disclosure document in the "Due from Seller at Closing/Adjustments for Items Unpaid by Seller/County Taxes (07/01/15 to 05/18/2016" section it lists $3311.50. On my 1098 it shows $1882 for Property tax paid. Which one do I use when making my deductions? Add them together? Just $3311? Just $1882?
If I look at my county's real estate mapping for the home I sold it says taxes payable: "2015 Payable 2016/2017 $3,862.00".
Thanks for the help.
If I look at my county's real estate mapping for the home I sold it says taxes payable: "2015 Payable 2016/2017 $3,862.00".
Thanks for the help.
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posted
June 5, 2019
10:39 PM
last updated
June 05, 2019
10:39 PM
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Property tax deductions for home sold
You add them together. The 1098 Amount of $1,882 and the $3,311 paid at closing, will be listed as one amount ($5,193) on your return.
Property tax are assessed and collected in arrears so when the home is sold, you will be charged the property taxes unpaid to the date of sale (5/18/2016 in your case).
June 5, 2019
10:39 PM
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Property tax deductions for home sold
You add them together. The 1098 Amount of $1,882 and the $3,311 paid at closing, will be listed as one amount ($5,193) on your return.
Property tax are assessed and collected in arrears so when the home is sold, you will be charged the property taxes unpaid to the date of sale (5/18/2016 in your case).
June 5, 2019
10:39 PM
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Property tax deductions for home sold
Thanks!
June 5, 2019
10:39 PM
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