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symie5 · 01-31-2007, 08:50 AM

I have one question regarding using Real Estate taxes as a deduction:

I closed on my first home mortgage on September 1, 2006. I was informed by a representative of our mortgage company that real estate taxes are paid in November and in May.

She informed me that the previous homeowner paid the taxes for the first half of 2006 (which was covered by the November payment). The taxes for the second half of 2006 will be payed out of my account, but not until this coming May (2007). The money is all there (we were given a credit in Escrow at closing for the taxes for July and August of 2006, and the Sept, Oct, Nov, and December came out of our mortgage payment), but does not show up on the tax documentation for 2006 because they (our mortgage company) haven't paid it yet.

Can/should we claim the amount set aside for taxes in our escrow account as a deduction on our 2006 taxes? Are we supposed to wait until the end of next year to claim the real estate taxes paid to cover the second half of 2006?

01-31-2007, 08:50 AM	#232 (permalink)
symie5 Upright	Real Estate Tax deduction question... I have one question regarding using Real Estate taxes as a deduction: I closed on my first home mortgage on September 1, 2006. I was informed by a representative of our mortgage company that real estate taxes are paid in November and in May. She informed me that the previous homeowner paid the taxes for the first half of 2006 (which was covered by the November payment). The taxes for the second half of 2006 will be payed out of my account, but not until this coming May (2007). The money is all there (we were given a credit in Escrow at closing for the taxes for July and August of 2006, and the Sept, Oct, Nov, and December came out of our mortgage payment), but does not show up on the tax documentation for 2006 because they (our mortgage company) haven't paid it yet. Can/should we claim the amount set aside for taxes in our escrow account as a deduction on our 2006 taxes? Are we supposed to wait until the end of next year to claim the real estate taxes paid to cover the second half of 2006?