top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Property Taxes Mortgage Interest

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Property Taxes Mortgage Interest

    Stopped paying my mortgage September 2010. I received the tax form from my mortgage company indicating interest and property taxes paid. The interest is correct - it is the amount I paid up to September 2010. The property tax amount is incorrect - the bank paid my property taxes in October 2010 but there was not enough money in my escrow account to cover it. In other words, the amount paid to the town is correct but the amount I paid to the bank is less than what was paid to the town. What amount do I use when completing my income taxes for 2010?

    #2
    did you have an escrow account??? if you did..the 1098 is what has been reported to the irs...deduct it on your taxes...

    the cost of the foreclosure is passed on to you...take the deduction...correct or NOT correct ...i was what was reported.....
    8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

    Comment


      #3
      Exactly, go by what's on the 1098. The bank will recover any shortage through billing you.
      Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
      Status: (Auto) Discharged and Closed! 5/10
      Visit My BKForum Blog: justbroke's Blog

      Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

      Comment


        #4
        The mortgage servicer is responsible for paying for insurance and property taxes when you stop making payments, to protect their interest in the underlying asset. They get paid back first for these expenses upon foreclosure sale. You can only deduct what you've paid, as reported on the 1098.
        filed chapter 13..confirmed...converted to chapter 7...DISCHARGED!

        Comment

        bottom Ad Widget

        Collapse
        Working...
        X