Question
I have a question about escrow account taxes. Can I deduct property tax that was paid from an escrow account?
Answer
A escrow account is used in real estate to pay property taxes and insurance. Escrow accounts are set up by your mortgage lender. You can deduct your escrow account taxes but only the amount of taxes you in that given tax year.
Related Resources
How to Use Your Job Hunting Costs To Your Tax Advantage
If you rack up job hunting costs, you could possibly deduct those expenses from your tax return. Learn more about deducting expenses from The Tax Institute.
Mortgage Interest Credit – Form 8396
Learn more about IRS Form 8396 and claiming the mortgage interest credit from the tax experts at H&R Block.
1098-T and American Opportunity Credit
Learn whether you can claim the American Opportunity Credit if you received a 1098-T form from your dependents college with advice from H&R Block.
Deducting Pre-Tax Premiums
Learn whether you can deduct pre-tax premiums on your taxes with advice from the tax experts at H&R Block.
