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Itemized Deductions Schedule-A


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Old 04-06-2009, 11:02 PM
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Property Tax Deduction

Hi
I have simple query. I know we can deduct Prperty tax paid for year 2008 but what about property tax deducted in escrow payment as 4 monh advance payment. I bought home in Oct-08 so this advance deduction in Escrow account is for 4 month starting Jan09 thru April-09. Can I dedct this amount in my 2008 tax return as I have already paid in 2008
Please help
Thanks
India62



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Old 04-13-2009, 12:55 PM
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Yes, you can deduct property taxes that were paid from the escrow funds during the purchase of a new home. The escrow statement will reflect these payments being made by the Seller!

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