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Where do I deduct reassessed business property tax from a property sold in 2020, but paid in 2022?
I sold a rental property (land) in 2020 (with my brother). In 2022, we received a notice from the county that the value of the property was reassessed at the time of the sale, and the property tax increased by $22k, so we paid it. Is this expense deductible somewhere on my 2022 return without going back and amending the 2020 K1 return? fyi, the partnership which generated a K1 in 2020, was dissolved after the sale of the property. thanks for any help.
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‎January 25, 2023
2:32 PM