We have a vacation property we rent part time which we receive a 1099 MISC for and input all expenses including property taxes paid in calculating profit/loss. Do we also include/input taxes paid for this property under Deductions & Credits in section "Taxes paid on additional homes and land"? Thanks.
You'll need to sign in or create an account to connect with an expert.
You cannot double-dip.
If you have deducted property taxes in the rental section, you cannot deduct the same taxes again in the Personal section.
If I do not include in the rental property section, can I include in the Deductions & Credits section?
Thank you for the clarification.
You need to allocate a portion of the taxes to the rental section based on the percentage of business use. They need to be reported separately.
Ok, will do that. Thank you Thomas.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
alethia-hading
New Member
rvmeush
Level 2
twh11471
New Member
jingle123
Returning Member
user17704816437
New Member