I have a question about my 1098 property tax amount

Lefty · February 4th, 2011, 05:20 PM

I got my 1098 form and it shows on line 1 how much mortgage interest received. On line 5, it says real estate taxes paid with a negative total. How could this be? My property taxes are paid from the escrow account, so could the negative mean the amount taken out of the account? I'm assuming I should just put the amount in as a positive because placing a negative figure makes no sense. Has anyone ever had this shown up on their 1098?

Duckjake · February 4th, 2011, 07:30 PM

Quote:

Originally Posted by Lefty

I got my 1098 form and it shows on line 1 how much mortgage interest received. On line 5, it says real estate taxes paid with a negative total. How could this be? My property taxes are paid from the escrow account, so could the negative mean the amount taken out of the account? I'm assuming I should just put the amount in as a positive because placing a negative figure makes no sense. Has anyone ever had this shown up on their 1098?

I live in Texas where we pay large amounts of property taxes. You better check with your Mortgage Company because that shouldn't happen. Unless by some strange circumstance they paid too much for you the year before but then it might rain silver dollars tomorrow too.

Lefty · February 5th, 2011, 05:03 PM

I went online and looked at last year's history from my Provident Funding Associates account and two transactions went out of my escrow account to pay the real estate tax is the total amount on my 1098 form. Maybe they just use negative to show how much was taken out of the esrow account.