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Originally Posted by BrianL99
That is correct from what my CPA told me.
Many people simply deduct them, because it appears as "Taxes" on the payment to the County and unless there's an Audit, the IRS may not catch it. Not that anyone in TV would cheat on their taxes.
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For many folks that have a mortgage, the taxes are reported on IRS form 1098. Whatever is in that box is what goes in the 1040. Since escrow is collected and paid by the mortgage company, folks just go off of the documentation provided.
I agree that for folks with no mortgage its on them to ensure the correct amount of taxes is reported....