Question

Do I need to claim the escrow refund that I received when I refinanced my home

Forum|Forum|5 years ago
January 23, 2021
1 reply
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The 1098 I received from the new mortgage company doesn't show property taxes paid in box 10 but does show it under disbursement activity. Is this the amount I report for property taxes paid

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Opus 17

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Escrow money is your money until it is actually used to pay one of your bills. Depositing money in escrow is not deductible and getting a refund is not taxable. You deduct the property taxes when they are paid by the escrow bank to your town or county. That should be reported on your 1098 statement, and should also be reflected in any annual statement you get of your escrow account. However, other payments from your escrow account, such as for hazard and fire insurance, are not tax-deductible.