salt tax - Spidell

salt tax

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Message Board salt tax

This topic contains 1 reply, has 2 voices, and was last updated by Peter Muffoletto 2 months, 1 week ago.

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  • #159611
    Jamie Mechulam Castiel
    Participant

    My client residential real estate is over $10,000
    they also have raw land with real estate taxes of $5,000
    no income from the land. is the $5,000 land taxes, investment property, still limited to the overall $10.000

  • #159650
    Peter Muffoletto
    Participant

    correct. the limitation applies unless the property is rental property.

    one can make an election to capitalize all costs including the property taxes – you might look into doing so, but it is an election that needs to be indicated in the tax return.