Monday, August 26, 2019
Property Taxes on Investment Property
The IRS has a new $10,000 limit on itemized deductions for state income tax, real estate taxes on homes, and personal property taxes like the ad valorem tax on cars. However if you pay real estate tax on investment property like raw land this tax deduction is not subject to the $10,000 limit so you can deduct a 100% of it. Beginning in 2018 foreign real property taxes are not deductible as an itemized deduction.
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