Hello,
On my settlement statement, in Prorations/Adjustments section there are city/town taxes debited to/from borrower/buyer (me) and credited to seller.
It is my understanding that this is a reimbursement of real estate taxes prepaid by the seller. Therefore, it can be included in my real estate tax deduction, based on this article: https://turbotax.intuit.com/tax-tips/home-ownership/buying-your-first-home/L5QxJLcQT.
Is this correct?
Thank you.
If you paid the tax you can deduct it. Doesn't matter that they're on a settlement statement.
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