Question

I need to report interest and property taxes paid at the time of closing by the Title company. Do I report under the Title Company name as I would with my lender?

Forum|Forum|7 years ago
June 3, 2019
1 reply
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Not sure who to report this information under or if I can just simply report the amounts paid.

TurboTax Deluxe Mac

Employee

Report any interim interest that you paid at closing in the Your Home section as if you received a 1098 form for it.

You can use the same lender name (that's who it was paid to) and differentiate somehow. Ex: Chase and Chase interim interest.

For property taxes, enter in its own category under the Your Home section. You can add it to any other amount you paid at year end.

Note: Property taxes required to be paid into an escrow account at closing, are not deductible. Only deduct the actual amounts paid to your county taxing authority on your behalf.

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S

sarahndownen

Paula- I had the same situation.and entered as you mentioned but when I check my return at the end Turbo Tax doesn’t like that there’s no interest paid (that box I left blank). Is it still ok to submit?