Yes, property taxes are business expenses reported under that topic in TurboTax Business.
Here is a list of costs that should be capitalized into the property basis:
- commissions
- appraisal fees
- broker's fees
- legal fees
- advertising fees
- home inspection reports
- title insurance
- transfer taxes or fees
- geological surveys
These costs are not capitalized (some may be expensed):
- mortgage payoffs
- home equity loan payoffs
- rent-back costs
- payoff to creditors
- property taxes
- home owner association fees
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