Welcome to the HomeInUtah.com Blog

2014-11-24 11:04:55
Verify with Your Lender

iStock_000030685604-200.jpgIf you have a mortgage with an escrow account to pay your property taxes and insurance, you expect the company servicing your loan to pay this year’s taxes this year so that you can deduct them on your 2014 income tax return.  After all, your monthly payment includes 1/12 the annual amount so there will be money available for them to be paid on time.

IRS requires that expenses must actually be paid in the year that a deduction is to be taken.

The predicament occurs when you’ve made your payments but the mortgage company didn’t pay the taxing authority in the tax year they were due.  If they paid your 2014 taxes in January of 2015, they wouldn’t be deductible for you until you file your 2015 income tax return.

Verify with your lender after you make the December payment that they did indeed pay your property taxes.  The question for your lender’s customer service is: 'Have you or will you pay the 2014 property taxes this year so I’m eligible to deduct them on my 2014 income tax return?”

 
Blog Archive
2018-08-14 12:15:23
Replace It Anyway

2018-08-13 12:21:25
What to Avoid Before Closing Your New Home

2018-08-06 16:46:30
Rising Rates Affect the Cost Too

2018-07-16 20:13:49
Owning Makes More Sense

2018-07-09 17:37:48
A Word Homeowners Need to Understand

2018-07-04 20:47:50
Don't Let a Killer In

2018-07-02 07:46:20
Unexpected Expenses

2018-06-18 19:19:14
Waiting Will Cost More

2018-06-11 12:30:00
The Tax Difference in Second Homes

2018-06-08 11:30:16
When Neighbors Don't Seem to Care

2018-05-31 10:01:54
Flag Protocol

2018-05-21 13:13:32
Second Guessing Price

2018-05-14 13:10:20
A Home for Tomorrow

2018-05-07 13:26:33
Assumptions May be an Alternative

2018-04-23 09:48:17
Costs More - Takes Longer

2018-04-12 21:51:58
Waiting Period After Distressed Sale

2018-04-10 18:24:22
Waiting Will Cost More

2018-03-19 12:33:09
Standard or Itemized

2018-03-06 13:27:26
Fair Skies on Horizon

2018-03-05 17:08:02
Your Refund Could be the Difference

2018-02-19 18:58:34
Historical Perspective

2018-02-12 10:13:30
The 'Right' Agent and the 'Right' Home

2018-02-11 13:10:55
Lower Your Expenses without PMI

2018-02-11 12:44:21
Convincing Advantages with Standard Deduction

2018-01-29 20:53:29
Lower Your Expenses without PMI

Click here to see ALL articles.


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.