Any Tax Experts??

Mrs42509 · February 2011

I always do our taxes on turbo tax. Well this is our first year with our house so obviously things are new.

Under the federal tax section it asked me if we paid property taxes in 2010. I'm ASSUMING we did so I hit yes. The next page asks me to enter the amount of property taxes we paid. I would of thought this would have been on our 1098 form we got from our lender but it isn't.

Where do I find the amount of property taxes we paid (we have an escrow account) or is it possible since it's our first year in the house (we closed in May 2010) we didn't pay them and I should answer NO that we didn't pay property taxes in 2010.

If this is any bit confusing please let me know. I'd like to continue doing these on my own and not have to pays someone but I don't want to put the wrong thing and get audited.

lovetara00 · February 2011

I had a similar question a couple years ago, and I contacted the mortgage consultant we worked with at our bank. He was able to answer my questions. That would be my suggestion.

stillwaiting12 · February 2011

You can go to the county auditor's website and look. Prop taxes are due in June, I think, so you probably paid them, unless the previous owner had already paid the whole year.

Mrs42509 · February 2011

stillwaiting12:
You can go to the county auditor's website and look. Prop taxes are due in June, I think, so you probably paid them, unless the previous owner had already paid the whole year.

I'm starting to think the previous owner paid them. I think I'll start with our lender then maybe even try our realtor. Thanks!

daves_sweetpea · February 2011

I was also going to suggest the Auditor's site. I've always done my own taxes too. Way cheaper than paying someone, isn't it?!

Mrs42509 · February 2011

daves_sweetpea:
I was also going to suggest the Auditor's site. I've always done my own taxes too. Way cheaper than paying someone, isn't it?!

Definitely!!

101709lovey · February 2011

I've had escrow on both of my houses and closed on both in Sept of the years I bought them. By the end of January, my bank that the mortgage is through sends a form that details all of the taxes paid, etc. to use to file your taxes with. For me the bank is always slow getting them out, but I want to say I got ours a few weeks ago. I would check w/ them to see if they sent this out b/c I would bet that you are paying property taxes. I can't remember the exact terminology, but I remember when I worked at the bank on these that I don't think the previous owners would've been able to pay for the rest of the year (yours) unless they included that in your closing statements. HTH!

Mrs42509 · February 2011

101709lovey:
I've had escrow on both of my houses and closed on both in Sept of the years I bought them. By the end of January, my bank that the mortgage is through sends a form that details all of the taxes paid, etc. to use to file your taxes with. For me the bank is always slow getting them out, but I want to say I got ours a few weeks ago. I would check w/ them to see if they sent this out b/c I would bet that you are paying property taxes. I can't remember the exact terminology, but I remember when I worked at the bank on these that I don't think the previous owners would've been able to pay for the rest of the year (yours) unless they included that in your closing statements. HTH!

Is the form your talking about the 1098?

I did confirm with our realtor yesterday that the seller paid up until closing but we started paying property taxes from closing on.

101709lovey · February 2011

Mrs42509:
101709lovey:
I've had escrow on both of my houses and closed on both in Sept of the years I bought them. By the end of January, my bank that the mortgage is through sends a form that details all of the taxes paid, etc. to use to file your taxes with. For me the bank is always slow getting them out, but I want to say I got ours a few weeks ago. I would check w/ them to see if they sent this out b/c I would bet that you are paying property taxes. I can't remember the exact terminology, but I remember when I worked at the bank on these that I don't think the previous owners would've been able to pay for the rest of the year (yours) unless they included that in your closing statements. HTH!

Is the form your talking about the 1098?

I did confirm with our realtor yesterday that the seller paid up until closing but we started paying property taxes from closing on.

Yes that's the exact form! It should have everything on it that you need to enter for your taxes.

Mrs42509 · February 2011

101709lovey:
Mrs42509:

101709lovey:
I've had escrow on both of my houses and closed on both in Sept of the years I bought them. By the end of January, my bank that the mortgage is through sends a form that details all of the taxes paid, etc. to use to file your taxes with. For me the bank is always slow getting them out, but I want to say I got ours a few weeks ago. I would check w/ them to see if they sent this out b/c I would bet that you are paying property taxes. I can't remember the exact terminology, but I remember when I worked at the bank on these that I don't think the previous owners would've been able to pay for the rest of the year (yours) unless they included that in your closing statements. HTH!

Is the form your talking about the 1098?

I did confirm with our realtor yesterday that the seller paid up until closing but we started paying property taxes from closing on.

Yes that's the exact form! It should have everything on it that you need to enter for your taxes.

Thanks. There isn't a number in the proptery tax box. Guess I'll be calling the bank today.

MrsAngel2008 · February 2011

I'm still learning how this property tax issue thing works, but I do know that for our old house (my husband's house from before we met, which he still owns), the bill we're paying this month (February 2011) is for the tax period January-June 2010. So, it would seem likely that any taxes withheld in your escrow account in the second half of 2010 weren't actually paid to the county yet, because of the huge lag in when payments are actually due.

I haven't looked at the statement we got regarding our new house, which like yours has an escrow account set up.

Mrs42509 · February 2011

MrsAngel2008:

I'm still learning how this property tax issue thing works, but I do know that for our old house (my husband's house from before we met, which he still owns), the bill we're paying this month (February 2011) is for the tax period January-June 2010. So, it would seem likely that any taxes withheld in your escrow account in the second half of 2010 weren't actually paid to the county yet, because of the huge lag in when payments are actually due.

I haven't looked at the statement we got regarding our new house, which like yours has an escrow account set up.

I just called our bank and he said we pay our taxes in January and in June. So I need to look at our HUD settlement statement and see if we maybe paid it at closing. Also I need to double check and/or call our 1098 from our first lender. Our loan was sold to chase within a month.

Any Tax Experts??

Re: Any Tax Experts??

Choose Another Board

Search Boards