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My lender sent me a 1098 that included paid property taxes. The amount paid was the total amount due on my property tax bill, including special taxes and assessments.
Do I use the amount they reported on the 1098 as the amount to use for my property tax deduction, or do I need to look up our property taxes and subtract the items found under the special taxes and assessments section? I live in CA.
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You would be wise to manually do the reporting. Enter the 1098 without the tax and then enter the property tax paid under the "Taxes Paid" section.
The amounts for assessments made be added to the basis of the property.
You would be wise to manually do the reporting. Enter the 1098 without the tax and then enter the property tax paid under the "Taxes Paid" section.
The amounts for assessments made be added to the basis of the property.
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