Taxes paid on property assessed by a local government or other taxing authority are deductible when paid.
Common fees include taxes paid to your city, county, or school district.
If you have a mortgage, usually the total amount is reported on your mortgage interest statement (IRS Form 1098).
Most real estate taxes are reported on Schedule E, but generally do not include taxes charged for local benefits and improvements that increase the value of the property.
For example, real estate taxes connected with assessments for improvements are not deductible when paid. Instead, they are added to the cost of the land.
Psst..did you have a look at our popular property management software? Take a free trial!
TReXGlobal.com also offers products like Pay Rent Online , Property Management Software , Property Management, Forms , and a directory of Property Management Companies.
Comments (0)Subscribe to CommentsComment