My wife inherited some vacant land from her father which she is holding as an investment. Can she deduct the real estate taxes paid for this land on Schedule A ? Or would she use schedule E ? There were also some legal fees associated with this land that I don't think would be deductible on Schedule A but might be on Schedule E.
Steve
If it is investment property, the expenses are deductible on Sch A, subject to the various limitiations (investment interest, 2% floor on misc deductions etc)
Only if its rental property do you use sch E
___________________________________
-----> real address on hobokeni or hobokenx
Certainly.
As previously noted, Schedule E is for rental property.
I'd classify those as an investment expense, a miscellaneous itemized deduction on Schedule A. There might be a way to capitalize them, but that's beyond my pay grade.
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.