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?
You'll need to sign in or create an account to connect with an expert.
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
angelaboone
New Member
BadTaxes2024
New Member
cashrn-gmail-com
New Member
trampy-wampy
New Member
absmile
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.