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July 5, 2020
Question

Escrow paid property taxes July 2019. Loan paid off in July. Paid own property taxes in Dec. 2019. Turbo keeps asking same questions. How do I enter property taxes?

  • July 5, 2020
  • 2 replies
  • 0 views
My mortgage loan was completely paid off in July 2019.  Mortgage Co paid the property taxes through escrow for half the year January-July 2019. I then paid the property taxes for July- December 2019 myself. How do I enter this?

2 replies

Critter-3
July 5, 2020

Total the taxes paid and make ONE entry ... nothing more nothing less.  

Carl11_2
Employee
July 5, 2020

Money in escrow is *YOUR* money, until it's used by the escrow agent to pay a monitary liability that "YOU" are required to pay. Property taxes is one of those things. So you add together the amount paid by the escrow agent, and the amount paid by you personally, and enter that total for property taxes paid in 2019.

Also something else to check not related to taxes.

When you paid off the loan, the lender is required to do one of two things.

1) any remaining balance in escrow can be applied to the payoff and the lender/escrow agent must notify you of the amount that was left in escrow, along with the fact it was used to pay off the loan.

2) Any remaining balance in escrow on the payoff date, if not applied to the final payoff amount, is required to be returned to you within 90 days of the payoff date.

3) In cases where the escrow was "short", the lender must show on your final statement, the amount of the payoff that was used to make up the shortage in the escrow account.