deductibility and limitation on real estate taxes paid on investment vacant land held for future profit. If fully deductible where on 1040

Forum|Forum|6 years ago
October 7, 2019
4 replies
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taxpayer invests in vacant land for future profit on sale ( no current income). Is there a limitation (10,000) on real estate taxes paid on this investment property. If not where do I put them on my form 1040 to get the full deduction

Critter

Level 15

The only place to put them is on the Sch A however that section of the Sch A has been limited to a max of $10K per the SALT act.

pareardonAuthor

Level 2

Seems to be a conflict. Rules say full deductibility for real estate taxes on investment property but no where to put it if no current income. Sch C AND E don't seem appropriate.

Anonymous

in other words if all your schedule A taxes, which would include real estate taxes on investment property. exceed $10,000 you are limited to the $10,000 and there is no carryover of any excess. you also must be able to itemize.

pareardonAuthor

Level 2

thought of putting the real estate taxes on vacant land on Form a line 6 but the turbo tax program has no entry for line 6 There is a problem with the turbo tax program