I have property tax deductions for my house which I sold this past year (2019) in August. And on my Seller’s Final Settlement Statement it included property tax prorations of $3,908 which I had to pay from January to August. Question 1 = Is this a deduction that I can take as a property tax deduction on Sch. A in addition to my other property tax deductions?
Question 2 (similar subject) – I also bought another house in August, and the Seller had to pay property taxes of $5,261 from January to August (similar to my action in Question 1 above). Do I have to include this property tax in my deductions as a gain such that the deductions in questions 1 and 2 will subtract from one another? E. g., $3908 – 5261 = - $1353.00 which will reduce my deductions for my other property taxes not associated with the sale of my houses.
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I have property tax deductions for my house which I sold this past year (2019) in August. And on my Seller’s Final Settlement Statement it included property tax prorations of $3,908 which I had to pay from January to August. Question 1 = Is this a deduction that I can take as a property tax deduction on Sch. A in addition to my other property tax deductions? yes you add it
Question 2 (similar subject) – I also bought another house in August, and the Seller had to pay property taxes of $5,261 from January to August (similar to my action in Question 1 above). Do I have to include this property tax in my deductions as a gain such that the deductions in questions 1 and 2 will subtract from one another? E. g., $3908 – 5261 = - $1353.00 which will reduce my deductions for my other property taxes not associated with the sale of my houses. do not reduce your current year schedule a for this amount. in the year you pay the actual tax bill for which you got this proration you will reduce your tax deduction by this amount
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