Turbo Tax is asking me for Property (real estate) taxes paid. Now in Turbo tax they do not give this one a box number. On my 1098, box 10 is Real Estate Taxes.

[gmott18]

Is box 10 the real estate taxes i had to pay or is it the amount i actually paid.  i noticed that the amount on my 1098 is the town tax plus the school tax that i paid and hazard tax is left out.  Do i just enter the amount in box 10? why doesnt TT have this as box 10?

[ColeenD3]

You should enter your property taxes in TurboTax. We'll figure out what amount, if any, is deductible. Be sure to include property taxes paid at closing as well as the annual property tax paid to your assessor.

Don't include:

• Taxes you paid on property you don't own
• Taxes for rental or business property (instead of entering them in the Deductions & Credits section, you'll claim them as expenses when you get to the rental or business section)
• Taxes for local improvements, like streets or sidewalks
• School taxes, unless they're based on the assessed value of your property
• Taxes for trash collection, libraries, or anything else not directly related to assessed property value
• Taxes on foreign property (tax reform has suspended this deduction for tax years 2018 through 2025)

[gmott18]

Thanks.  So I still need to know the answer to my question...

So is box 10 on the 1098, the real estate taxes that I am responsible for?  And on my PHFA Annual Escrow Account statement, that has the taxes paid, correct?  if I take the combined taxes amount on that escrow statement, it matches box 10 of the 1098 so I guess that box 10 is my taxes paid in this case.  That is school taxes plus town taxes.  Can you just answer that?

[gmott18]

Hello,

Can you answer my follow up question?  I will start another one i guess.

[DawnC]

Real estate taxes (also called "property taxes") for your main home, vacation home, or land are an allowable deduction if they're based on the assessed value of the property and the property is for your own personal use. Whether you'll actually get a deduction on your taxes is another story, as several changes enacted by tax reform have impacted this deduction.

Don't include:

• Taxes you paid on property you don't own
• Taxes for rental or business property (instead of entering them in the Deductions & Credits section, you'll claim them as expenses when you get to the rental or business section)
• Taxes for local improvements, like streets or sidewalks
• School taxes, unless they're based on the assessed value of your property
• Taxes for trash collection, libraries, or anything else not directly related to assessed property value
• Taxes on foreign property (tax reform has suspended this deduction for tax years 2018 through 2025)

Other tidbits:

• If your property taxes are included in your monthly mortgage bill, you can deduct them after your lender has paid the tax to the assessor on your behalf. Contact your lender to find out when they submit your property tax payments (frequently this is done twice a year, but it varies among jurisdictions).