Question:
We owed a home, got divorced. He moved out and left town.
I did renovations to the house and got it ready to sell.
It finally sold 1 year later, March 2020.
It is owner financing for 3 years.
The estimated property tax for 2019 is around $13,000 to be paid by December 2020.
How much can I deduct in my 2020 tax return?
In June 2019 I bought a townhouse to move into and did renovations there as well.
My property taxes for 2018 were $3793 I paid at closing June 2019.
2019 property taxes will be around $8,000, to be paid by January 2021.
How much can I deduct in my 2020 tax return?
Thank you!
You'll need to sign in or create an account to connect with an expert.
If you were obligated to pay it then you can deduct them.
You can deduct any payments actually made in 2019 no matter what tax year they were billed for ... and you must be required to pay them ... the taxes on the house you sold should be paid by the new owners if the deed was changed.
Thank you. the deed was changed but still have to pay the 1st 3 months of tax. is that deductable?
If you were obligated to pay it then you can deduct them.
Thank you!
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
mjtax20
Returning Member
janetcbryant
New Member
admin
New Member
jackkgan
Level 5
scatkins
Level 2