Posted on: 16th Feb, 2011 07:38 am
How do I claim my property taxes on my income tax if they are not a part of my monthly payments? I pay them separately at the end of each year.
Guest, you simply need to maintain proper records that reflect how much you paid in property taxes.
When a borrower pays into an escrow account, there's no magic involved relevant to income tax deductions insofar as the property taxes are concerned. All a lender is going to do is inform a homeowner/borrower of the amount paid out in property taxes. It's still up to the individual taxpayer to claim the deduction with the IRS.
When a borrower pays into an escrow account, there's no magic involved relevant to income tax deductions insofar as the property taxes are concerned. All a lender is going to do is inform a homeowner/borrower of the amount paid out in property taxes. It's still up to the individual taxpayer to claim the deduction with the IRS.