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Deductions & credits
No. unless you made an IRC 266 election each year
IRC Section 266 allows taxpayers to capitalize certain taxes and carrying charges related to unimproved and unproductive real estate. Taxpayers can elect to capitalize expenses such as property taxes, interest on a mortgage, and other carrying charges instead of deducting them in the current year. This election must be made annually and is applicable to properties that are not used for any business purposes
March 19, 2025
9:32 AM