Question for 1098: "Insurance paid from an escrow account can also be in box 10, but don’t include that amount here"

Does it mean to find the insurance paid and subtract the value from Box 10?

or just do not write down the value of box 10 at all if insurance is included?

950

1 Best answer

Expert Alumni

Mar 6, 2024 9:14:36 AM

This means that the amount in box 10 may include both home insurance and property taxes paid through escrow.

Home insurance isn't tax deductible, and must be subtracted from the amount. The result would be entered as property taxes, which are deductible as an itemized deduction.

Expert Alumni

Mar 6, 2024 9:14:36 AM

This means that the amount in box 10 may include both home insurance and property taxes paid through escrow.

Home insurance isn't tax deductible, and must be subtracted from the amount. The result would be entered as property taxes, which are deductible as an itemized deduction.

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Question for 1098: "Insurance paid from an escrow account can also be in box 10, but don’t include that amount here"