Message Font: Serif | Sans-Serif
No. of Recommendations: 1
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
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.