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I live in the United States - Is there any way to get a tax break on property taxes for my rental property?

Forum|Forum|3 years ago
November 16, 2022
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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

Best answer by Mycharo1

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.

M

Mycharo1Answer

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.