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Real Estate Tax
REAL ESTATE TAX
Deductible real estate taxes are generally any state, local, or foreign taxes on real property. They must be charged uniformly against all property in the jurisdiction and must be based on the assessed value.
Many states and counties also impose local benefit taxes for improvements to property, such as assessments for streets, sidewalks, and sewer lines. If local benefits taxes are for maintenance or repair, or interest charges related to these benefits, they are deductible. Otherwise, these taxes are added to the cost basis of the property and reduce the capital gain amount when property is sold.
For more information on rental property tax deductions CLICK HERE
This blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies is brought to you by SimplifyEm Pay Rent Online and Property Management Software
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Real Estate Tax is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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