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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 6182
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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Property tax payment has one year lag/delay in Iowa where I

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Property tax payment has one year lag/delay in Iowa where I lived.
In house sale in year 2012, there was a property tax proration $5,744 covering July 2011 to July 2012 before the house sale date, that I had not paid due to the one year lag.

Based on Realtor's request, I paid that part to the buyer to cover the lagged part of property tax $5,744, and this was listed in HUD.
Can I use this part in my tax deduction in year 2012?

Thank you.

Stephen G :

Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything that is not clear.

Stephen G :

You should be able to deduct the payment as long as you can document the payment by the closing documents and your check.

Stephen G :

In other words that the payment was for real estate taxes.

Customer:

Yes

Stephen G :
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Thanks very much, Steve G.
Customer:

So is there any house sale loss that can be tax deducted?

Stephen G :

This was your personal residence or second home?

Customer:

Second home

Stephen G :

No. Any loss would not be deductible.

Customer:

I transferred a $1350 credit to buyer for radon mitigation as his condition of purchase. Is this part tax deductible?

Stephen G :

No.

Customer:

Okay. Got it. Thank you.

Stephen G :

Just real estate taxes and mortgage interest on a second home.

Customer:

Got it. Thanks. Bye.

Stephen G :

Please remember to rate my response, it is the only way we get credit for our work.

Customer:

Okay

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