Technical topics regarding tax preparation.
17-Feb-2018 8:50am
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I have the closing statement showing prepaid insurance payments, prepaid interest and property taxes. Also it shows escrow payments at closing for homeowner's insurance and property taxes for a period of a few months. I don't think I have to do anything with these figures. Wouldn't these amounts eventually show on a form 1098? Thanks for any help!
17-Feb-2018 3:18pm
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Correct, escrow payments are not counted until the funds are dispersed and the taxes paid. Usually the interest paid on the closing is included in the 1098 form though occasionally this is not the case. Make sure to adjust the property taxes paid as credit or debit depending on the timing.
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