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
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?”
Author:Lisa Hayden Phone: 941-730-3102 Dated: November 24th 2014 Views: 638 About Lisa: I am a Michigan native but call Sarasota “Home” for the last 8 plus years and have proven to be ...
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