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House Purchase/Property Taxes

Forum|Forum|6 years ago
June 6, 2019
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I bought/closed on my house on 4/21/17 and paid county taxes 04/21/17 - 01/01/18 $1,559.74 to the seller under the section titled "Adjustments for Items Paid by Seller in Advance". Is it my understanding that this amount is tax deductible for me? In November 2017 I received my county tax property bill ($2224) which the full amount was paid through my escrow account. Do I deduct this full amount too? I can't seem to find the answer to my question through old posts.

Thanks!

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Best answer by Irene2805

Yes to the first question.

When you bought the house the seller had already paid the taxes for all of 2019. You reimbursed them for the time period you owned the house, so you (indirectly) paid those taxes and they are deductible for you.

Maybe to the second question.

Did you receive a 1098 statement from your lender? It should show on the statement how much property tax the lender paid on your behalf in 2019. This amount is deductible in addition to the amount you paid at settlement.

[Edited | 3/19/2020 | 12:08 pm PDT]

I

Irene2805Answer

Yes to the first question.

When you bought the house the seller had already paid the taxes for all of 2019. You reimbursed them for the time period you owned the house, so you (indirectly) paid those taxes and they are deductible for you.

Maybe to the second question.

Did you receive a 1098 statement from your lender? It should show on the statement how much property tax the lender paid on your behalf in 2019. This amount is deductible in addition to the amount you paid at settlement.

[Edited | 3/19/2020 | 12:08 pm PDT]