Adjusting property taxes on new to me house?

I bought a house in August. In the closing I gave him some money towards the town tax he paid for the year (Sept-Dec), and he gave me some money for the school tax for the time he lived there (July-August) that I had to pay in september.

When i do my income tax, I presume I can deduct the money I gave him, but have to reduce my school tax paid by the amount he paid me?

That is the reasonable thing to do, but taxes don't always follow the reasonable way; so I just want to make sure.

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town tax he paid for the year (Sept-Dec), and he gave me some money for the school tax for the time he lived there (July-August) that I had to pay in september.

to reduce my school tax paid by the amount he paid me?

Yes. See Publication 530.

Phil Marti VITA/TCE Volunteer Clarksburg, MD

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Phil Marti

I love that quote!

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