3132501
Am I able to claim the county real estate taxes (that are based on the assessed value of the property) as an expense against the capital gains of a home that was inherited? I haven't lived in the home since inheriting it and it was not used for any other purpose. The taxes were assessed and paid in the same tax year as the home was sold and out of the proceeds of the sale. Additionally, I anticipate itemizing and my state and local taxes (SALT) exceed the $10,000 limit (without the taxes paid on the inherited home).
You'll need to sign in or create an account to connect with an expert.
No. Property taxes are not an expense, or part of the cost of the home.
Personal property taxes are only deductible as an itemized deduction.
Those taxes may not be added to the basis or treated as a selling expense. at best they're taxes on schedule a or investment expenses that are not even deductible.
No. Property taxes are not an expense, or part of the cost of the home.
Personal property taxes are only deductible as an itemized deduction.
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.
Lukas1994
Level 2
anonymouse1
Level 5
in Education
anonymouse1
Level 5
in Education
currib
New Member
anil
New Member