Hi - I live in the United States - Is there any way to get a tax break on property taxes for my rental property?
The city where the rental property resides keeps raising property taxes astronomically. The house is paid off so I get hit with a big property tax bill every November. Is any/part of this tax deductible?
Thanks! Carl
Absolutely!
Property taxes are a deductible rental property expense. You would enter the property taxes for your rental property on the Schedule E where you report the rental income and other expenses.
If you have not been deducting the rental property taxes in past years, you can go back and amend the last 3 tax returns to claim the taxes. If the taxes are high, it might benefit you to do that.
Absolutely!
Property taxes are a deductible rental property expense. You would enter the property taxes for your rental property on the Schedule E where you report the rental income and other expenses.
If you have not been deducting the rental property taxes in past years, you can go back and amend the last 3 tax returns to claim the taxes. If the taxes are high, it might benefit you to do that.