Question

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

Forum|Forum|7 years ago
June 5, 2019
1 reply
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These were paid at closing. It is the only property owned by us. We have entered it in Turbotax as a second home.

Employee

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.

B

bhallAuthor

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?