Thank you, Mike for your response. The information you provided is very helpful.
The business we own is a small family business.
We do not live in the city limits, and all of the acreage we have is owned by the family.
The business started years after the land was purchased.
This should answer your question as to why we are paying the taxes. It is because it is our land. The real question for me is to know with certainty how to accurately account for the taxes on our business tax return.
I know that businesses are entitled to deducting certain taxes, the real estate taxes being one of them, but in this case I felt unsure.
According to our legal documents, our business owns four structures, the structure of the business itself as well as three additional homes. We pay all of the real estate/property taxes.
I just want to know if in our case this would be considered an expense the business has a right to deduct, or not. I have asked 3 people at our county tax collector's office, and none of them knew the answer.
There is no rent involved at all.
I appreciate your time, thank you.
