Real Property Taxes – IRS Definition
Real property taxes are generally any state, local or foreign taxes on real property. Local benefits taxes are deductible if they are for repair, maintenance or for interest charges related to these benefits.
Real Estate Property Tax Deduction
You may be able to deduct the amounts you pay for real estate taxes, if you are a tenant shareholder in a cooperative housing corporation and you pay that corporation a share for your property taxes.
If the corporation leases the land and buildings and, under a lease agreement are included real estate taxes, you cannot deduct your part of the taxes.
The real estate property tax deduction does not apply for garbage collection fees or for homeowners’ association charges for maintaining common areas.
Real Estate Tax Division
If a real estate property is sold during the tax year, the seller must pay taxes until the date of the sale, and the buyer pays the taxes beginning with the date of sale. This applies regardless of the lien dates under local law. Under certain circumstances, you may be entitled to deduct your share, even if you actually did not pay it.
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Tax News Updates:
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