can you claim the money you have paid into the escrow account , or just wait till next year to itemize property tax.
2007-04-12 08:37:41 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Not unless you bought the 2nd home in 2006?
If so, look at your closing statement and see if you reimbursed the seller for any real estate taxes or interest expenses.
If so you might be able to deduct them in 2006 on your 1040.
2007-04-12 17:13:58 · answer #1 · answered by RAG 2 · 0⤊ 0⤋
No, you can't claim what you paid into the escrow account. Only property tax actually paid to the government entity (includes what's paid OUT OF the escrow account) can be deducted.
2007-04-12 17:53:28 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
only tax paid in 2006 is a deduction for 2006
2007-04-12 15:41:33 · answer #3 · answered by Jo Blo 6 · 2⤊ 0⤋
If it hasn't been paid yet, it will be a deduction in 2007.
2007-04-12 15:42:44 · answer #4 · answered by JessicaRabbit 6 · 1⤊ 0⤋