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tax question: interest on escrow

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Earth_First Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-06-06 12:16 PM
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tax question: interest on escrow
so we pay an extra $25 a month on top of our rent for various reasons...

about three months ago, our management company opened up an escrow account with m&t bank...

we've been recieving monthly checks for the interest accumulated on the escrow principle...

question is, do we have to pay taxes on that interest this year?

it's a pittance in the grand scheme of things, but will this change anything in our filing process?

THANKS in advance!
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