Question

I bought my home in April 2017 and was given a property tax credit at closing for taxes from Jan 2016 to April 2017. What tax can I deduct in 2017, if any?

Forum|Forum|7 years ago
June 5, 2019
1 reply
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Property taxes are assessed for the previous year. 2017 taxes paid are for 2016 assessment. Tax payments are due June 1 and September 1. I bought my home in April 2017. At the closing in April 2017 the seller provided a tax credit for Jan 2016 to April 2017. The first installment was paid by the title company. The second installment was paid by my lender (thru escrow) in September 2017.

TurboTax Deluxe Windows

RachelW33

You can deduct the Property Taxes that were paid by your Lender in September 2017 less the Property Tax Credit you received at Closing. This deduction will be reported on your Schedule A.

Check out the TurboTax FAQ below for more details about deducting Property Taxes on Schedule A:

https://ttlc.intuit.com/replies/3300663

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