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by Rob Seltzer, CPA, PFS
Property taxes are an expense and do not increase the basis of the property. If the property is your primary residence or second home or raw land, property taxes are deducted on Schedule A of your tax return as an itemized deduction. If you don't itemize and take the standard deduction, then property taxes will bring you no benefit. If the property is a rental, property taxes would be reported on Schedule E as a deduction against rental income.
Rob Seltzer is principal of Robert Seltzer, CPA, PFS, in Beverly Hills.
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In accordance with IRS Circular 230, the information on this website is not intended or written to be used, and cannot be used as or considered a "covered opinion" or other written tax advice and should not be relied upon for the purpose of avoiding tax-related penalties under the Internal Revenue Code; promoting, marketing, or recommending to another party any transaction or tax-related matter(s) addressed herein; for IRS audit, tax dispute or other purposes.