Question

Property tax

Forum|Forum|5 years ago
March 10, 2021
1 reply
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Our rental property was not rented for two years due to repairs and improvements. When taxes were filed no property tax was deducted as there was no rental income. Can I take previous years property taxes for the 2020 tax filing as the property was rented full time for 2020 or should amended returns be filed for this deduction.

M

MinhT1

As the property was in repairs and renovation and not available for rental in the years 2018 and 2019, no rental expenses can be deducted.

During those 2 years, property taxes could be deducted as an itemized item in the personal section of your tax return. And also mortgage interest if the rental can be considered as a second home can be deducted.

If you took itemized deductions in those 2 years or if property taxes (and eventually mortgage interest) would allow you to take itemized deductions, you should amend your tax returns to reduce your taxes and get a refund of taxes.

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