I bought a rental property in December 2014, but it was not ready to rent until July 2016. Where can I enter the property taxes I paid in 2014 and 2015?

posted

1 Best answer

Accepted Solutions

I bought a rental property in December 2014, but it was not ready to rent until July 2016. Where can I enter the property taxes I paid in 2014 and 2015?

If you did not manually file an election to capitalize those costs, the 2014 and 2015 property taxes can only be taken on your 2014 and 2015 tax returns as a 'second home'.

View solution in original post

1 Reply

I bought a rental property in December 2014, but it was not ready to rent until July 2016. Where can I enter the property taxes I paid in 2014 and 2015?

If you did not manually file an election to capitalize those costs, the 2014 and 2015 property taxes can only be taken on your 2014 and 2015 tax returns as a 'second home'.