How do I know our mortgage company actually paid our real estate taxes to the taxing authority in 2008 or not?

Question

How do I know that our mortgage company actually paid our real estate taxes to the taxing authority in 2008 or not?

We bought a new house last November and this is our first year of doing Tax Return dealing with "Property Taxes, Mortage Interest, Closing Costs and Points (loan origination fees).

We made our first payment in December 08 (for January 09 payment) and received two Form 1098 from two different company, a real-estate/home building company and a mortgage company.  Box 1 and 2 of one form show $795 and $7080 and Box 1 of another form show $1007.  I think that I should sum this amount (Total = $8882) and put this on Line 10 of 1040 Schedule A.

I have a question about Line 6 of 1040 Schedule A (Real Estate Taxes).  The instruction states that "If your mortgage payments include your real estate taxes, you can deduct only the amount the mortgage company actually paid to the taxing authority in 2008."  In fact, our mortage payment includes the real estate taxes.  How do I know that our mortgage company actually paid our real estate taxesto the taxing authority in 2008 or not?  Is this amount supposed to be informed to us every year prior to Tax Return or should we somehow find out this amount (by contacting our mortgage company)?

My assumption is this: they haven't paid our real estate taxes yet because they received our 1st payment last week of December 08.

But, while searching Internet, I read "Real estate taxes and points found on your settlement statement are usually deductible on Schedule A. Mortgage interest shown on the settlement statement is usually already included in the Form 1098 you receive from your mortgage lender."  I checked my settlement statement and saw this line: "County Taxes 11/7/08-1/1/09: $100.43" under "Amount Due from Borrower" and "Amount Due to Seller."  Does this mean my real-estate taxes for 2008 is $100.43?

My question may be confusing everyone?

Stick to my original question: How do I know that our mortgage company actually paid our real estate taxes to the taxing authority in 2008 or not?

Anonymous · Accepted Answer

My country clerk mailed me a postcard as a receipt that it was paid. I would call if you aren't sure.

David Z · Answer

For tax purposes it does not matter when the bank pays your real estate taxes. When you make loan payment which includes taxes the IRS considers that as paid taxes.  Your bank will report this number to you. Yes that is the $100.43

Now having said that you can probably log into your loan account at your lender's website to see when they disbursed excrow funds and paid your taxes if you are curious.

Or check with your county clerk to see when tax bill was paid.

? · Answer

your very own residence taxes are per some style of equipment that basically the county tax commissioner understand. you may undertaking the tax boost. you may call your county tax collector for the needed types. The county will deliver the types as properly as clarify the technique to undertaking the flair tax boost. you've got the flexibility to download the types from the internet. as quickly as you have achieved the types and turn them in the county will then take the needed steps to approve or disapprove your undertaking. you would be required to get carry of an appraisal to coach your element, or practice comps of properties that have bought at present on your community. the main effective element is to accomplish that and not enable this to bypass unchallenged. you're no longer required to take the action of the county tax commissioner, given which you're taking no action. i wish this has been of a few earnings to you, stable luck. "combat ON"

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How do I know our mortgage company actually paid our real estate taxes to the taxing authority in 2008 or not?

3 Answers