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bhall
New Member

Can you deduct real estate taxes paid at closing on sale of inherited property that were differed from 1996 to 2013.

These were paid at closing. It is the only property owned by us. We have entered it in Turbotax as a second home.
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9 Replies

Can you deduct real estate taxes paid at closing on sale of inherited property that were differed from 1996 to 2013.

Instead of deducting them on the Sch A you can just add that to the cost of closing on the sale of the home on the Sch D. 

bhall
New Member

Can you deduct real estate taxes paid at closing on sale of inherited property that were differed from 1996 to 2013.

But I am told that losses on non-investment property are not deductible so how does that help me?  Also, I am led to believe that I would be limited to $3000 per year if they would be deductible.  Our share of these taxes is $35K. Can I deduct them in one year and get the benefit?

Can you deduct real estate taxes paid at closing on sale of inherited property that were differed from 1996 to 2013.

Ok ... you can take the loss on an inherited property but it is subject to the limitation .  Since you have a loss then you do have the option to deduct them on the Sch A instead ... keep good records in case the IRS was to question the deduction.
bhall
New Member

Can you deduct real estate taxes paid at closing on sale of inherited property that were differed from 1996 to 2013.

Thanks. I have the closing statement that lists the entry as deferred real estate taxes. How do I deduct any of the loss?  TurboTax tells me that losses on my property are not deductible since it is not investment property and wipes the losses to zero.  Also, I don't see where I can add closing costs. It asks me for the proceeds which would be the 1099 S amounts and it asks for the FMV. It never asks for closing costs.

Can you deduct real estate taxes paid at closing on sale of inherited property that were differed from 1996 to 2013.

It is investment property if you didn't live in it as a personal residence.   And after it asks for the sales price the cost of sale & basis is asked for.... follow the interview screen carefully.
bhall
New Member

Can you deduct real estate taxes paid at closing on sale of inherited property that were differed from 1996 to 2013.

Thanks for helping. I do appreciate it.
bhall
New Member

Can you deduct real estate taxes paid at closing on sale of inherited property that were differed from 1996 to 2013.

Sorry. One last question. Just verifying that taking the option as investment on this property I can still take the schedule A deduction provided I have the documentation? I was the only property I owned at the time.

Can you deduct real estate taxes paid at closing on sale of inherited property that were differed from 1996 to 2013.

Yes, one item doesn't effect the other.
bhall
New Member

Can you deduct real estate taxes paid at closing on sale of inherited property that were differed from 1996 to 2013.

Thank you again.  I really do appreciate it.
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