808 Oahu Realtor (Ryan Riggins) License #RS-74740

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Verify with Your Lender

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iStock_000030685604-200.jpgIf you have a mortgage with an escrow account to pay your property taxes and insurance, you expect the company servicing your loan to pay this year’s taxes this year so that you can deduct them on your 2014 income tax return. After all, your monthly payment includes 1/12 the annual amount so there will be money available for them to be paid on time.

IRS requires that expenses must actually be paid in the year that a deduction is to be taken.

The predicament occurs when you’ve made your payments but the mortgage company didn’t pay the taxing authority in the tax year they were due. If they paid your 2014 taxes in January of 2015, they wouldn’t be deductible for you until you file your 2015 income tax return.

Verify with your lender after you make the December payment that they did indeed pay your property taxes. The question for your lender’s customer service is: “Have you or will you pay the 2014 property taxes this year so I’m eligible to deduct them on my 2014 income tax return?”

Author: Ryan Riggins (RA)

Born and Raised on Oahu my approach to the real estate business is different than most agents working in the industry today. The average agent sells fewer than 7 homes a year while attempting to manage every aspect of the business all by themselves. This approach allows them very little time working directly with buyers and sellers because they are so overwhelmed with all the busy work that is required behind the scenes. My system allows me to spend 90% of my time working directly with clients who want to buy and sell real estate today and in the very near future. Here at John Riggins Real Estate we have been helping families move since 1977. We specialize in the Aiea to Kapolei area but not limited to Ewa Beach area. To see all the great ways we help buyers and to view what differentiates us from the typical realtor in the area, visit http://tinyurl.com/clientsuccessstorys Because of Ryan's Military Relocation Expertise, Ryan's success revolves around that same simple principle his Mother and Father instilled in him; serving those who serve our country. His track record shows that he puts his clients first and in a high paced market, he is making VA loans work for our soldiers, sailors, airmen and marines. With previous clients ranging from E-5's to 04's, Ryan is ready and willing to make sure all those who have served our country, have every opportunity to own their piece of it. For the majority of people the purchase or sale of a home is their largest single investment. My goal is to guide you successfully and easily through the contractual, investment, and emotional decisions involved in the Real Estate process. I am committed to providing you, your family and your friends with superior service and expertise and to make it the most memorable purchase of your life.

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