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HL1
Returning Member

What is the difference between enter property tax in the 'Special Tax Assessments' under the 'Rental Property Profile' vs 'Report Real Estate Taxes' under rental expense?

Paid seller prepaid property tax as part of the escrow close. Subsequently received Supplemental Bill and Property tax bill in the mail.  Which one should be enter under rental property profile 'special assessment' and which on under rental expense?

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What is the difference between enter property tax in the 'Special Tax Assessments' under the 'Rental Property Profile' vs 'Report Real Estate Taxes' under rental expense?

Special tax assessments are property taxes that go for immediate improvements in the neighborhood, like new roads and sewers.  They are added to the basis of the property.  If you don't have a reason to think they are special assessments then report them as regular property taxes, which are an expense for the year.

Special Tax Assessments'
HL1
Returning Member

What is the difference between enter property tax in the 'Special Tax Assessments' under the 'Rental Property Profile' vs 'Report Real Estate Taxes' under rental expense?

Thank You!
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