I paid approximately $7000 in property taxes in 2022. I do not use escrow so my lender doesn't disburse them for me. On my 1098, it says $0.00 for property taxes disbursed. Should I enter $0.00 in the Home Mortgage Interest Worksheet (line 8), or should I enter the $7000 figure, since that is what I paid in 2022? If I enter 0, where else within Turbotax would I report the $7000 I actually paid in property taxes? Thanks.
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To enter, edit or delete Property Taxes -
Click on Federal Taxes
Click on Deductions and Credits
Click on I'll choose what I work on (if shown)
Under Your Home
On Property Taxes, click on the start or update button
Or enter property tax in the Search box located in the upper right of the program screen. Click on Jump to property tax
you an enter it through the 1098 or directly when you get to the tax section for schedule A.
If your Property Tax is not impounded by your lender, then it will show 0.00 on your lender's 1098. You do not want to duplicate the Property Taxes paid - so you enter on Schedule A based on your personal records of taxes paid in the calendar year of 2022.
So just to be clear, when I'm entering the details for the 1098, that is only corresponding to what the lender may have remitted for me. If that is true, I should be entering $0.00 or leaving that part blank where it asks. And then after that, I will be entering in the property taxes I personally paid elsewhere.
I think I found the part I need to enter them in the next section under Personal > Deductions & Credits > Your Home > Property Taxes but want to be absolutely sure. Thanks again.
Yes, that is absolutely correct. If you paid your property taxes yourself and they were not paid out of escrow by your lender, then you will leave that field blank in the Form 1098 and enter it directly in the Your Home section of Deductions and Credits by clicking on Start or Revisit for Property (Real Estate) Taxes.
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