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Get your taxes done using TurboTax
The real estate taxes you pay are deductible currently as an Itemized deduction on your personal return. There is a limit of $10,000 that is deductible for property taxes and state income tax paid.
You cannot deduct the property taxes you paid in 2019 to your 2020 return. If you do not deduct them on your 2019 return, you add them to your basis in the property and depreciate them as part of the cost of the property.
The association fees you paid in 2019 need to be added to the cost basis of each property.
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March 17, 2020
10:46 AM