May I deduct property taxes for my rental property under my itemized deductions as my rental property loss is not deductible because of my income level is over $150,000
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mojones2141
New Member

May I deduct property taxes for my rental property under my itemized deductions as my rental property loss is not deductible because of my income level is over $150,000

I rent the home to a relative and may not be getting fair rental income.  I want to deduct the property taxes with all my other real estate taxes on the itemized deduction section of the tax return.

1 Reply
bunnie0-
New Member

May I deduct property taxes for my rental property under my itemized deductions as my rental property loss is not deductible because of my income level is over $150,000

As far as I know, all property taxes paid in 2016 for property owned by the taxpayer may be itemized on Sch A. By not putting it as a rental expense, you are reducing the passive loss carryover that would have been available in a successive year. As such it is a timing difference as to when you receive the tax benefit- now or later. I would choose the year you expect to have the higher marginal tax rate.
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