Schedule A Form: 6 Home Deduction Traps
January 13, 2012
Trap #1: Line 6 – real estate taxes
Your monthly mortgage payment often includes money for a tax escrow, from which the lender pays your local real estate taxes.
The money you send the bank may be more than what the bank pays for your taxes, says Julian Block, a tax attorney. That will lead you to putting the wrong number on Schedule A
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