Hello All,
I just purchased a rental property in Aug 2019. As we all know that at closing, property tax is prorated and divided between buyer and seller. Since property taxes are due at the end of the year, at closing I received a prorated "credit" for property tax from the seller since I will have to pay the property tax for the whole year at the end of this year.
My question is that since I'm paying the whole year worth of property taxes at the end of this year, can I claim the whole tax amount as rental property expense deduction or am I only allowed to take about 5 months worth of tax deduction?
Any help/suggestion would be appreciated.
Thank you!
