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Property Taxes Paid

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.

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4 Replies
MinhT1
Expert Alumni

Property Taxes Paid

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.

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Property Taxes Paid

If I do not include in the rental property section, can I include in the Deductions & Credits section? 

 

Thank you for the clarification.

ThomasM125
Expert Alumni

Property Taxes Paid

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.

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Property Taxes Paid

Ok, will do that.  Thank you Thomas.

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