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Deductions & credits
Yes, you can deduct this if you owned the property for the period of time for when the escape tax bill is for.
If it is personal property it is added to the other property tax paid for 2017. If this is a business property, such as a rental it is deducted on the business section of TurboTax such as rental expense in my example.
If you did not own the property in 2015-2016 and had to pay the "Escape Tax Bill" then this cost is added to the basis "or cost" of the property acquired.
An “escape assessment” is a correction to a property's assessed value on the local property tax roll. The correction is made because the Assessor's Office discovered a property or a taxable event that should have been assessed but was not.
June 3, 2019
10:53 AM