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Posted by NadCixelsyd on August 25, 2008, 6:35 pm
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If, for example, my lease calls for me to pay $100 a month (to the
owner) and pay all the real estate taxes directly to the town, can I
deduct them? (thw owner niehter pays them, nor deducts them)
If, for example, I own property jointly (50-50), but the owners have
an agreement such that the occupying owner pays 100% of the real
estate taxes while occupying the property, can that person deduct 100%
of the r/e taxes.
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Posted by Haskel LaPort on August 26, 2008, 9:52 am
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> If, for example, my lease calls for me to pay $100 a month (to the
> owner) and pay all the real estate taxes directly to the town, can I
> deduct them? (thw owner niehter pays them, nor deducts them)
Assuming you are in business, you should deduct the real estate taxes as
rent expense. The owner should record the real estate tax you paid as an
expense and a corresponding equal amount of additional rental income.
>
> If, for example, I own property jointly (50-50), but the owners have
> an agreement such that the occupying owner pays 100% of the real
> estate taxes while occupying the property, can that person deduct 100%
> of the r/e taxes.
Same answer as above.
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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
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Posted by Paul Thomas, CPA on August 26, 2008, 10:28 am
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> If, for example, my lease calls for me to pay $100 a month (to the
> owner) and pay all the real estate taxes directly to the town, can I
> deduct them? (thw owner niehter pays them, nor deducts them)
>
> If, for example, I own property jointly (50-50), but the owners have
> an agreement such that the occupying owner pays 100% of the real
> estate taxes while occupying the property, can that person deduct 100%
> of the r/e taxes.
Even if you are an individual leasing the property for personal use, the
property tax you pay - as an owner or partial owner of the property - are
deductible on Schedule A.
If you operate a business from that property (no personal use at all) then
the amount paid to occupy that space is deductible.
--
Paul A. Thomas, CPA
Watkinsville, Georgia
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
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Posted by dpb on August 26, 2008, 11:18 am
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Paul Thomas, CPA wrote:
...
> Even if you are an individual leasing the property for personal use, the
> property tax you pay - as an owner or partial owner of the property - are
> deductible on Schedule A.
...
Would a "pure renter" paying the landlord's tax assessment directly be
able to deduct that in comparison as if were member of an association
assessment?
Couldn't decide when I read the OP's question whether the two were the
same situation restated or two separate cases...
--
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Paul Thomas, CPA on August 26, 2008, 1:44 pm
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> Paul Thomas, CPA wrote:
> ...
>> Even if you are an individual leasing the property for personal use, the
>> property tax you pay - as an owner or partial owner of the property - are
>> deductible on Schedule A.
> ...
> Would a "pure renter" paying the landlord's tax assessment directly be
> able to deduct that in comparison as if were member of an association
> assessment?
A non-business "pure renter" would not, for federal tax purposes, be able to
deduct the rent or the property tax paid.
They do not have ownership.
> Couldn't decide when I read the OP's question whether the two were the
> same situation restated or two separate cases...
Hard to tell.
--
Paul A. Thomas, CPA
Watkinsville, Georgia
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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