I have a real estate tax question.

davef · 02-11-2007, 10:49 AM

My 1098 substitute form says that I haven't paid any real estate taxes this year for my main home. I just bought it in September and I know that the escrow amount of my monthly payment is not my actual real estate taxes because they are not the actual payments to the tax collector. Apparently, the payment date must be earlier in the year than September. However, I paid several thousand in real estate taxes at the settlement and I'm wondering weather they can be deducted.

Anyone here an tax preparer? I'm using turbo tax, as I've done before, but this is a stumper for me.

Thanks,
D

SheepOfBlue · 02-11-2007, 11:37 AM

Call the IRS and ask. My bet is yes. Also call twice to make sure you get the same answer (though I think they cannot charge a penalty if you act on thier advice)

I am NOT a tax ovine though so take this for what it is worth (nothing)

luvtolean · 02-11-2007, 12:00 PM

My parents had their tax payments worked into a loan once...and unfortunately the mortgage company screwed it up.

First thing to do, if you don't already have confirmation, is to make the sure the taxes were actually paid. Not by your lender, but by the state.

davef · 02-11-2007, 12:06 PM

Yeah, I'm going to make some calls on Monday morning.

Thanks Guys!
D

Hammer · 02-11-2007, 12:54 PM

If you just purchased the house...usually the taxes are paid up in the agreement before hand by the seller. Check your home buyers agreement and see what it says.

davef · 02-11-2007, 03:12 PM

In PA you have to refund the seller some portion of it...I think. I've checked out the closing forms and it's very confusing.

02-11-2007, 10:49 AM	#1
davef Daddysaurus Join Date: 12-19-2006 Location: Reading, PA Age: 35 Bike(s): 954 Posts: 409	I have a real estate tax question. My 1098 substitute form says that I haven't paid any real estate taxes this year for my main home. I just bought it in September and I know that the escrow amount of my monthly payment is not my actual real estate taxes because they are not the actual payments to the tax collector. Apparently, the payment date must be earlier in the year than September. However, I paid several thousand in real estate taxes at the settlement and I'm wondering weather they can be deducted. Anyone here an tax preparer? I'm using turbo tax, as I've done before, but this is a stumper for me. Thanks, D __________________ 2002 945RR "Dark" Ohlins, Galfer, 520 Conversion, Mig Half System, and Crap Plastic

02-11-2007, 11:37 AM	#2
SheepOfBlue Your tax dollars at work Join Date: 12-18-2006 Location: Huntsville, AL Age: 46 Bike(s): CBR1000RR, RC51, VT500FT Posts: 6,867	Re: I have a real estate tax question. Call the IRS and ask. My bet is yes. Also call twice to make sure you get the same answer (though I think they cannot charge a penalty if you act on thier advice) I am NOT a tax ovine though so take this for what it is worth (nothing) __________________ When the past is allowed to fade to nothing then only chaos is left.

02-11-2007, 12:00 PM	#3
luvtolean Join Date: 12-13-2006 Location: SF Bay Area, CA Bike(s): 2008 BMW GS-A Posts: 6,731	Re: I have a real estate tax question. My parents had their tax payments worked into a loan once...and unfortunately the mortgage company screwed it up. First thing to do, if you don't already have confirmation, is to make the sure the taxes were actually paid. Not by your lender, but by the state. __________________ The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries. - Winston Churchill

02-11-2007, 12:06 PM	#4
davef Daddysaurus Join Date: 12-19-2006 Location: Reading, PA Age: 35 Bike(s): 954 Posts: 409	Re: I have a real estate tax question. Yeah, I'm going to make some calls on Monday morning. Thanks Guys! D __________________ 2002 945RR "Dark" Ohlins, Galfer, 520 Conversion, Mig Half System, and Crap Plastic

02-11-2007, 12:54 PM	#5
Hammer Merry Christmas Join Date: 12-17-2006 Location: Indiana Age: 39 Bike(s): 05 Suzuki 600 Posts: 5,307 Images: 12	Re: I have a real estate tax question. If you just purchased the house...usually the taxes are paid up in the agreement before hand by the seller. Check your home buyers agreement and see what it says.

02-11-2007, 03:12 PM	#6
davef Daddysaurus Join Date: 12-19-2006 Location: Reading, PA Age: 35 Bike(s): 954 Posts: 409	Re: I have a real estate tax question. In PA you have to refund the seller some portion of it...I think. I've checked out the closing forms and it's very confusing. __________________ 2002 945RR "Dark" Ohlins, Galfer, 520 Conversion, Mig Half System, and Crap Plastic

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