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Subject:  Re: Real Estate Tax Deduction Question Date:  2/9/2001  10:45 PM
Author:  pmarti Number:  46103 of 127637

On caveat to the previous reply. If the seller gave you any money toward accrued but unpaid real estate taxes at closing, that reduces your deduction in the year that you pay the taxes. Likewise, if you reimbursed the seller at closing for any prepaid real estate taxes, that amount is deductible. See IRS Publication 503.

Other than that, enjoy your new home.

Phil Marti
VITA Volunteer
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