If you own a home, you were definitely responsible for property tax. The good news is that it is deductible. You usually pay these taxes as part of your monthly mortgage payments, so your lender will have all the information you need spelled out on your annual statement. Sometimes real estate taxes can be deducted on your federal tax return whether they are deductible by the state's rules or not.
If you happened to buy a house this year, you no doubt paid plenty of property tax upfront. Be sure to find out how much of that you can deduct. It can be found on your settlement documents. Ask a tax professional for help if you have any questions.
Click here to view Tax Tip #2. If you have any questions regarding your mortgage or a future mortgage, Crosscountry Mortgage can help! Give us a call at 877-828-8851.
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