how do I know if I paid real estate taxes or my lender did?

Question

I just got a new house last year and my taxes are paid through an escrow account with my lender. However I see in my statements that the amount that has been taken out since I have moved in is to pay 2007 taxes. Did I pay the taxes in 06 in my closing costs or did the lender? If I did what document would show me this info?

Answer 1

The Form 1098 from the lender will show real estate taxes you paid in 2006. You should be receiving this form soon if you haven't received it already.

You can also consult your closing documents to see if the real estate taxes were paid at closing. But these payments will also be shown on the Form 1098.

Answer 2

Anything that was paid for real estate taxes for the time you owned the house was paid with your money, regardless of whether you or the lender actually wrote the check, so you'd get it as a tax deduction.

You can deduct what was actually paid to the taxing authority. If the closing costs included building up the escrow account to pay the tax bill that will come in 2007, that part isn't deductible for 2006.

Answer 3

do you have an escrow account/ if so the lender more than likely pays your taxes and should provide you with a statement declairing the amount,

Answer 4

Your annual statement from the mortgage company should show this. If you purchased it last year you should also look on the hud or closing statement for your share of taxes.

Your 1098 should also show the property tax amount.

Answer 5

The HUD closing statement should show the amount that you paid through escrow upon closing. That would be the amount you would deduct.

Answer 6

If you paid it, you will get a 1098 Mortgage Interest Form in the mail with the amount you paid.