Property Taxes
October 25th, 1997
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Property Taxes
Question: How much of my property taxes are deductible if I have a negative escrow balance?
That means I didn’t have enough money in my escrow balance to pay for the property taxes. My monthly payments increased to cover the deficit.
Is it what I paid out of my pocket or what the lender paid for me?
Answer: All of it. Your lender has loaned you the money to pay the taxes and your increased payment pays back the loan. It will show up on the IRS Form 1098 your lender will send you in January.
Burzichelli & Milam on Converting the Property Tax Rebate into a Direct Tax Credit (A-3308)
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