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Level 1
posted Mar 14, 2024 12:12:19 PM

Property taxes paid by my escrow in January instead december, so they dont appear in my 1098

Each month I pay escrow costs. In the previous year, the Property taxes for 2022, the escrow paid my taxes in December 2022, so they appeared in my 1098 for 2022. But currently, In my 1098 for 2023 don't appear any property taxes paid because they paid my 2023 property taxes on January 2024. It is fine if I deduct the property taxes for 2023 even if they paid for them in January 2024 because I have been making the escrow payments each month in 2023? or in 2024 I will need to report twice if they report the 2024 taxes paid in December 2024? (one payment will be in January 224 for the 2023, and the other in December 2024 for the property taxes of 2024).

0 1 1846
1 Replies
Expert Alumni
Mar 14, 2024 12:42:25 PM

Yes, you can deduct property tax that you paid through your escrow monthly, but is not shown on your 1098 for 2023.

 

Just be careful not to double up if the mortgage company also reports what you paid in 2023 on your 2024 1098.

 

Here's more info on Property Tax Not on 1098.