Solved: My current property tax bill shows an assessed value of my home from a couple of years ago. How should this be reported in the rental property section?
My current property tax bill shows an assessed value of my home from a couple of years ago. How should this be reported in the rental property section?
My county is a couple of years behind on reporting accurate values. Should I still include what is listed on my current tax bill for the 'Enter Property Tax Values' in the rental property section?
My current property tax bill shows an assessed value of my home from a couple of years ago. How should this be reported in the rental property section?
You can enter that if you think it is fair, the IRS can't really argue much with another taxing authority. However, if you have reason to believe the tax bill is inaccurate, ask a real estate professional or appraiser to do a Comparative Market Analysis.
The IRS will accept the amount you report as long as you used a reasonable method to arrive at the amount.
My current property tax bill shows an assessed value of my home from a couple of years ago. How should this be reported in the rental property section?
You can enter that if you think it is fair, the IRS can't really argue much with another taxing authority. However, if you have reason to believe the tax bill is inaccurate, ask a real estate professional or appraiser to do a Comparative Market Analysis.
The IRS will accept the amount you report as long as you used a reasonable method to arrive at the amount.
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