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How do deduct real estate taxes on 1040a?

Posted by admin on 24 Mar 2008 12:03 am. Filed under United States.
real estate
petersruby20 asked:


I purchased a home in October, 2007. My monthly mortgage payment includes my county, state, and school taxes (they are placed in Escrow).

Apparently my tax payments will be paid out of escrow in April, May and August of 2008.

Does that mean that I can not claim real estate for my 2007 return?

(At closing, I did have to reimburse the seller for real estate taxes he had already paid up to Dec. 31.)

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Does having a foreclosure and not paying your property taxes affect US citizenship application?

Posted by admin on 1 Feb 2008 7:50 pm. Filed under United States.
foreclosure
Jorge L asked:


I have not been able to pay my house for the past six months, it went into foreclosure and know I got to pay Property Taxes but I dont have the money either. Could all of this affexct my ability to get my citizenship.

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Can I deduct real estate taxes in NY from more than one home on my federal tax return?

Posted by admin on 27 Jan 2008 12:40 pm. Filed under United States.
real estate
Albert T asked:


I bought a new house and havent sold the first one yet? Can i deduct mortgage interest from both? What about real estate taxes? Both houses are in NY city.

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If I lose my home to foreclosure, will I have to pay taxes?

Posted by admin on 22 Jan 2008 9:19 am. Filed under United States.
foreclosure
J William asked:


I purchased my home in April of 2006 for $675,000, no money down. It is now worth roughly $525,000 and I am facing foreclosure. I have not re-financed and my understanding is that I have a non-recourse loan. Will I owe the IRS taxes when my property is foreclosed on?

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