If
you have a mortgage with an escrow account to pay your property taxes
and insurance, you expect the company servicing your loan to pay this
year’s taxes this year so that you can deduct them on your 2014 income
tax return. After all, your monthly payment includes 1/12 the annual
amount so there will be money available for them to be paid on time.
IRS requires that expenses must actually be paid in the year that a deduction is to be taken.
The predicament occurs when you’ve made your payments but the
mortgage company didn’t pay the taxing authority in the tax year they
were due. If they paid your 2014 taxes in January of 2015, they
wouldn’t be deductible for you until you file your 2015 income tax
return.
Verify with your lender after you make the December payment that they
did indeed pay your property taxes. The question for your lender’s
customer service is: "Have you or will you pay the 2014 property taxes this year so I’m eligible to deduct them on my 2014 income tax return?”
Property Search
RSS Feed
Search Blog
Recent Blogs
How To Spend A Fun Weekend With Kids In Bradenton FL - Alt-tag: A boy and a girl having
7 FamilyFriendly Activities You Should Try In Sarasota FL - Alt: Consider these 7 family
Reasons To Move To Lakewood Ranch In 2022 - Alt-tag: A beautiful house with
Top Places To Retire In Florida - Florida is well known for being
This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.
Click 'Save' to add a property to this list.New & returning visitors please enter your information to login.
This message will go directly to the head of our team.