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I bought a new house last year, what to do with property tax credit?

Written By: admin on October 5, 2009 No Comment

I bought a new house last year, and get property tax credit from builder in Hud-1 statement line 210 and 211 for Year 2007, what do I do with those?

I mean, I did not pay my county and city 2007 property tax until this Feb. According to my CPA, I can not deduct them for 2007 even though it is 2007 property tax, since I paid them in 2008. For 2007.

My itemized deduction is still less than standard one for 2007, so I am going to go with standard . But how about 2008, do I need to report line 210 and 211 in last year’s settlement statement. If I don’t need to, I will sure save some money in 2008 tax return
PS. I don’t have an escrow account. I pay my mortgage and property tax myself. The property tax credit were from sellers, since I didn’t use itemized deduction in 2007, do I need to report those property tax credit in Hud-1 for my 2008 return next year?


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