I have 2 small parcels of vacant land that I purchased as an investment. Can I deduct the property tax, loan interest, property owners fees and utility fees on these proeprties?
- posted
16 years ago
Vacant Land Deductions
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- posted
16 years ago
What kind of utility fees would you have on vacant land?
You can always deduct real or personal property tax based on the value of property on your Schedule A.
The answer to your loan interest question requires more information.
-Mark Bole
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- posted
16 years ago
In Clarke County Georgia......Storm Water Runoff Fee.....no kidding.
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- posted
16 years ago
Property tax: Schedule A taxes
Interest: Schedule A investment interest
Fees: Unless someone can come up with a way to capitalize them, Schedule A investment expense.
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- posted
16 years ago
If there is an IRC 266 election on this property, then all taxes, interest, and probably all fees on this vacant land could be capitalized, right?. The storm water fee sounds like a carrying charge.
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- posted
6 years ago
replying to Mark Bole, Paul True wrote: An example would be payment to irrigation district.