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New Member

Real Estate taxes

Greetings. I recently bought a new home and paid property taxes for 2019 in April of this year.  Since they were for 2019, can I deduct them on my 2019 return? Or do I have to wait until next year to claim them? Thank you.

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Level 15

Real Estate taxes

You paid the tax in 2020?  It goes on your 2020 tax return next year. When you enter property tax as a deduction, what matters is the year you PAID the tax, not what year they were "for."

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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Level 15

Real Estate taxes

You paid the tax in 2020?  It goes on your 2020 tax return next year. When you enter property tax as a deduction, what matters is the year you PAID the tax, not what year they were "for."

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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Level 15

Real Estate taxes

You will have to wait until next year when you file your 2020 income tax return since property taxes are deductible in the year in which they are actually paid.

 

See https://www.irs.gov/taxtopics/tc503

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Level 15

Real Estate taxes

 
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Level 15

Real Estate taxes

You deduct them in the year paid.   FYI - if you have an escrow a/c the payments you make into it are not deductible.  only in the year when money is taken out to pay the taxes do yo get a deduction.

 

also realize that if you bought your home in 2019, there might be a credit on it for the 2019 taxes for the period you did not own it.  this credit must be subtracted from your payment.  

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New Member

Real Estate taxes

That's what I figured.  Thanks everyone.

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