|
Posted by tech1190 on March 24, 2008, 9:08 pm
Please log in for more thread options
I have 2 small parcels of vacant land that I purchased as an
investment. Can I deduct the property tax, loan interest, property
owners fees and utility fees on these proeprties?
--
<< ------------------------------------------------------- >>
<< 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. >>
<< ------------------------------------------------------- >>
|
|
Posted by Mark Bole on March 24, 2008, 9:30 pm
Please log in for more thread options
tech1190@yahoo.com wrote:
> I have 2 small parcels of vacant land that I purchased as an
> investment. Can I deduct the property tax, loan interest, property
> owners fees and utility fees on these proeprties?
>
What kind of utility fees would you have on vacant land?
You can always deduct real or personal property tax based on the value
of property on your Schedule A.
The answer to your loan interest question requires more information.
-Mark Bole
--
<< ------------------------------------------------------- >>
<< 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. >>
<< ------------------------------------------------------- >>
|
|
Posted by Paul Thomas on March 24, 2008, 10:05 pm
Please log in for more thread options
> tech1190@yahoo.com wrote:
>> I have 2 small parcels of vacant land that I purchased as an
>> investment. Can I deduct the property tax, loan interest, property
>> owners fees and utility fees on these proeprties?
>>
>
> What kind of utility fees would you have on vacant land?
In Clarke County Georgia......Storm Water Runoff Fee.....no kidding.
--
Paul A. Thomas, CPA
Athens, 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. >>
<< ------------------------------------------------------- >>
|
|
Posted by Phil Marti on March 24, 2008, 10:47 pm
Please log in for more thread options
>I have 2 small parcels of vacant land that I purchased as an
> investment. Can I deduct the property tax, loan interest, property
> owners fees and utility fees on these proeprties?
Property tax: Schedule A taxes
Interest: Schedule A investment interest
Fees: Unless someone can come up with a way to capitalize them, Schedule A
investment expense.
--
Phil Marti
Clarksburg, MD
--
<< ------------------------------------------------------- >>
<< 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. >>
<< ------------------------------------------------------- >>
|
|
Posted by removeps-groups@yahoo.com on March 25, 2008, 4:44 pm
Please log in for more thread options
> Property tax: Schedule A taxes
>
> Interest: Schedule A investment interest
>
> Fees: Unless someone can come up with a way to capitalize them, Schedule A
> investment expense.
If there is an IRC 266 election on this property, then all taxes,
interest, and probably all fees on this vacant land could be
capitalized, right?. The storm water fee sounds like a carrying
charge.
http://www.timbertax.org/research/regulations/reg1.266-1.asp
--
<< ------------------------------------------------------- >>
<< 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. >>
<< ------------------------------------------------------- >>
|
| Similar Threads | Posted | | Vacant Unimproved Land - Deductible Expenses | February 23, 2008, 9:48 am |
| vacant rental | March 26, 2007, 11:54 am |
| Land Subdivision | March 30, 2007, 4:15 am |
| Land Encumbrance | February 5, 2008, 9:28 am |
| Re: Sold land | July 1, 2006, 4:36 pm |
| Re: Sold land | July 1, 2006, 4:36 pm |
| Re: Sold land | July 1, 2006, 4:36 pm |
| Re: Sold land | July 1, 2006, 4:37 pm |
| Re: Sold land | July 1, 2006, 4:56 pm |
| Is there a land trust for minors ? | July 12, 2007, 7:34 pm |
|
|
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap