Tax Statement

[347Mike]

Is a Tax Statement different from a 1098 when a mortgage is involved? I received my 1098 through my bank. However, I also received a Tax Statement from 2010. The amount that is on my Tax Statement, is this already included into the 1098? I want to make sure I add all of these deductions to my taxes.

Thanks in advance!

[GE]

Tax statement from whom?

[idrivea4banger]

Tax statement from whom?

These nuts!!

[347Mike]

Denton County Tax Assessor/Collector

[GE]

You can write off your mortgage interest (assuming you meet the requirements to do so), but you're not able to write off the taxes from the county etc.

[The King]

The tax statement amount should be the same as the amount shown in box 5 of the 1098, and is deductible. Also if you pay PMI premiums, the amount shown in box 4 of the 1098 is deductible subject to income limits.

[Broncojohnny]

Hold the phone.

If you got a tax statement recently, that is going to be for 2010 taxes, payable on January 31, 2011. Those will go on next year's return because you pay them in 2011.

On your Mortgage Interest Statement you should have both the amount of interest you paid and the amount of taxes that were paid (on Jan 31, 2010) if the taxes were paid from escrow. If you don't escrow for taxes, you won't have anything on your statement and you'll need to dig up your tax statement from last year.

Both the interest and the taxes are deductible and can be used if you itemize deductions.

[347Mike]

Hold the phone.

If you got a tax statement recently, that is going to be for 2010 taxes, payable on January 31, 2011. Those will go on next year's return because you pay them in 2011.

On your Mortgage Interest Statement you should have both the amount of interest you paid and the amount of taxes that were paid (on Jan 31, 2010) if the taxes were paid from escrow. If you don't escrow for taxes, you won't have anything on your statement and you'll need to dig up your tax statement from last year.

Both the interest and the taxes are deductible and can be used if you itemize deductions.

The payment will indeed happen in 2011, however, the taxes are for 2010. I see your point, but if my payment is towards the previous year, why would I not claim that for 2010?

On my mortgage statement (1098 form) I do not have the amount from the Tax Statement on there, unless it is included in that amount, which I don't believe to be true.

[Broncojohnny]

The payment will indeed happen in 2011, however, the taxes are for 2010. I see your point, but if my payment is towards the previous year, why would I not claim that for 2010?

On my mortgage statement (1098 form) I do not have the amount from the Tax Statement on there, unless it is included in that amount, which I don't believe to be true.

Because it doesn't matter what year it is for, what matters is when you pay it. Everything is on a cash basis. Otherwise you would do dumb shit like pro rate stuff.

[The King]

The payment will indeed happen in 2011, however, the taxes are for 2010. I see your point, but if my payment is towards the previous year, why would I not claim that for 2010?

On my mortgage statement (1098 form) I do not have the amount from the Tax Statement on there, unless it is included in that amount, which I don't believe to be true.

Mine always matches to the penny, that being the statement from the County Tax Assessor/collector and Box 5 on the 1098. Do you pay your taxes out of escrow?

[347Mike]

Mine always matches to the penny, that being the statement from the County Tax Assessor/collector and Box 5 on the 1098. Do you pay your taxes out of escrow?

Taxes are out of escrow. If I understand this correctly, the taxes I received from the Tax Assessor are from the 4 months prior to me moving into the house. Some how that was tied into the mortgage contract. That is besides the point, that is my understanding of what these taxes are for so that may be why they are not on the 1098.

[The King]

OK, then as Brocojohnny posted if you end up paying those taxes on your own claim them in the year that you pay them (if you itemize).