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Are County Real Estate Taxes Considered Expenses Against the Sale of an Inherited Home?

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).

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Vanessa A
Expert Alumni

Are County Real Estate Taxes Considered Expenses Against the Sale of an Inherited Home?

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

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2 Replies

Are County Real Estate Taxes Considered Expenses Against the Sale of an Inherited Home?

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. 

Vanessa A
Expert Alumni

Are County Real Estate Taxes Considered Expenses Against the Sale of an Inherited Home?

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

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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