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posted Jun 4, 2019 7:51:25 PM

Tax Year Prior to 2020: Refinanced home can I deduct prepaid Property taxes and insuance that was paid out of escrow.

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Level 5
Jun 4, 2019 7:51:27 PM

You can deduct the property taxes that were paid out of escrow, but not the insurance (for a primary residence). 

You can deduct any interest or real estate taxes on your Settlement Statement that are not already included on your Form 1098. Only pro-rated amounts can be deducted, not prepaid amounts held for escrow.

Also, you can deduct qualified points paid on a mortgage, but they have to be spread out over the term of the loan. The software will prompt you to select that.  (Points can also be called loan origination fees, maximum loan charges, discount points, or loan discount.)

What kinds of refinancing costs can I deduct? 

https://ttlc.intuit.com/replies/3300426