We have our mortgage thru Countrywide Home Loans. We received out 1098 that shows the amount of mortgage interest we paid. However, part of our mortgage payment goes towards the escrow acct that then pays our insurance and real estate taxes. Will we get another form that shows what we paid or do I need to contact Countrywide to find those amounts out? I assume the 1098 we got DOES NOT include the taxes and insurance and that it is tax deductible for us, right?
Someone posted that paying escrow is not paying property taxes. However, my escrow acct paid the taxes so don’t I get to take the real estate tax deduction based upon what Countrywide shows they took from MY escrow acct to pay those taxes?
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Property taxes actually paid during 2007 are deductible. Paying escrow is not paying the tax–it’s a savings account.
Regular insurance is not deductible.
PMI if you purchased your home in 2007 may be.
you should get a statement showing the amount of real estate taxes paid on the 1098 or along with another statement. The insurance is not deductible so that will not be shown on the 1098
No, actually, you do NOT get to deduct the amounts taken from your mortgage payment by Countrywide. You get to deduct the property taxes paid on your home IF and ONLY IF Countrywide paid them to your taxing municipality in calendar 2007. If Countrywide didn’t pay those taxes from your escrow until early January, you get NOTHING to deduct for calendar 2007, unless, of course, a different year’s worth of property tax was paid in 2007 by Countrywide.
You paid the property taxes shown on the 1098. The lender collected the escrowed funds from you then took care of the bill. Homeowners insurance is a personal expense and you can not deduct it.
I think the taxes might be on the Countrywide statement but am not sure. If it’s not on the 1098 then yes contact Countrywide to find out what the real estate taxes are that were paid in 2007 – insurance is not deductible. If you have set up online access to your account, you can log on and find the numbers for yourself.