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Can I enter delinquent property taxes of $27,000 as well as other property liens we paid as part of our bank loan on a rental property we purchased?
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June 4, 2019
10:24 PM
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Deductions & credits
Any real estate property taxes that were paid at the time of purchase and were the obligation of the seller are added to the cost basis of the rental property and used on depreciation.
Any real estate property taxes paid that were your obligation from the date of purchase are a current expense.
June 4, 2019
10:24 PM