1. You can deduct your Property Taxes for the year you are filing on the IRS Itemized Deduction “Schedule A” form.
2. If you purchased a home this year (2014) check your HUD-1 (the financial Seller & Buyer closing statement document) to see if you were charged when you closed on the purchase of your home. This charge may be used as a deduction on the IRS Schedule A Itemized Deduction Form.
3. If your Property Taxes are escrowed in your Mortgage payments the Real Estate Property Taxes you paid may be verified on your Annual Escrow Statement and then deducted on Schedule A.