closing costs, taxes etc.?

Question

Thanks for the answer Bostonia. To ask a bit further on the taxes paid: These were taxes paid county and school at time of settlement. It was new development, and basically we had to pay the amount the builder had paid in these taxes. It amounted to $37xx. Can we claim this as taxes paid even though it is not reflected on our 1098 Forms from the lender? Thanks!

Answer 1

Property taxes won't be on the Form 1098, at least for the first year. Most lenders will send you a composite report each year that will list the interest paid as well as any payouts for homeowner's insurance and property taxes.

Any property taxes paid by you or paid on your behalf are deductible by you.