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

HUD-1 Tax Deductions

Learn more about which items on the HUD-1 form you can claim as tax deductions with advice from the tax experts at H&R Block.

Tax Implications of Starting a New Business

The startup tax or new business tax is a topic many new business owners shy away from. Don't get caught off-guard. Review these tips provided by our tax pros.

General Business Credit – Form 3800

Learn more about the components of the general business tax credit and get tax answers at H&R Block.

Deducting Business Vehicle Expenses

Can you deduct business vehicle expenses on your taxes? Learn more about business vehicle deductions and get tax answers at H&R Block.