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Updated over 5 years ago on . Most recent reply

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Tax, SDIRAs & Cost Segregation

Should I escrow rental property taxes and insurance

Tina Trussoni
Posted

I'm soon to close on a duplex. The bank is wondering if I want to finance with the property taxes and insurance in escrow.

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  • Tax Accountant / Enrolled Agent
  • Houston, TX
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Michael Plaks
#1 Tax, SDIRAs & Cost Segregation Contributor
  • Tax Accountant / Enrolled Agent
  • Houston, TX
Replied

@Tina Trussoni

Pros: convenience

Cons: you lose control of when payments are actually made. For example, the bank may wait until January to pay the local tax bill, and you are not able to deduct it on taxes until it is paid out of escrow. Also, time value of money, as already mentioned.

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