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Allocation Real Estate Taxes
I own 20 acres of woodland/pastureland and my personal residence is on this land. On schedule E, can I claim the entire $6000 Real Estate tax bill as an expense on schedule E even though the pastureland rental is only $1,000 or am I required to allocate only a portion of RE taxes to schedule E? If required to do an allocation, what do I base the allocation on? Is there an IRS publication that provides guidance on this?
March 16, 2020
3:24 PM