In addition to our home, my wife owns 22 acres of pine forest that she inherited several years ago. Last year we sold pine straw from the property and earned 700 dollars and we paid the county 600 dollars in property taxes. I report the 100 dollars as income under farm income and farm rental. The question is can we list the 600 dollars county taxes as a deduction in the property taxes section?
No, you will enter the property taxes next to the "Taxes" box located under Farming Expenses. Select Farm Rental and Income. Next select the property that you previously entered. Follow the prompts until you see the section below. Here you will enter the property taxes.
Still have questions?Make a post