We sold our residential home which we lived in for 10 years. I have a question about the closing papers on what I can claim on my Schedule A
We sold our home 9/30/2022
Under the section: Adjustments for item Unpaid by Seller" which was me, listed property taxes.
Property taxes 1/1/2022 thru 9/30/2022 $4177.26
Property taxes 7/1/2021 thru 12/31/2021 $2659.61
Do I qualify to deduct the property taxes on my 2022 tax return?
At the top of the closing paper under the section: Adjustments for items Paid by seller in Advance lists
County Property taxes
County Property taxes but both these lines do not show any dates or dollar amounts listed.
Now on my mortgage statement from our 1098 our property taxes 1st Installment was paid on 3/1/22 for $2,925.47
I live in Illinois and we pay our property taxes twice a year.
I am not sure if I am able to include what is listed under "unpaid by seller".
I looked up what Adjustments for Items Unpaid by Seller is and the description I listed below, I am still not sure.
210-219. Adjustments for Items Unpaid by Seller - Typically, the buyer is responsible
for paying all bills received after closing. It is here that seller reimburses the buyer for
those charges he incurred but did not pay, such as water usage and ground rent. The
buyer is credited for the period from the last payment due date through the date of
settlement.
AND in the section OTHER COSTS section G. Initial Escrow Payments at Closing to Mortgage Company
line 03 Property taxes has $443.25 per month for 9 months which equals $3989.25, this does amount doesn't match either amount listed above under Unpaid by seller
Confused to know which amounts of property taxes I am able to claim on my Schedule A
I would greatly appreciate any feedback on this topic.
Thank you.
