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Newly bought property: when deduct first year property taxes
I bought a new investment property in Sept 2020. I do not escrow the property taxes in my mortgage.
As usual, at the closing, the amount of taxes (Jan-Aug) prior to the purchase was discounted from my purchase price.
I physically have not paid any property taxes in 2020 on the rental property, since the 2020 taxes will be paid in 2021.
What value should I put on the 2020 taxes at the voice: property taxes? Should I put zero or should I guestimate the amount of taxes based on the closing statement?
In 2020 I phisically did not pay
March 1, 2021
7:24 AM