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real estate tax question?
Normally I can deduct part of my Real Estate taxes paid on my Rental Property. However, we sold it mid-2009...How do I calculate my portion of the Real Estate tax AND where do I look in the closing papers where the real estate tax was credited? It should be there, right?
If you are a cash-basis taxpayer, you can deduct real estate taxes paid on both your personal (if you itemize) and rental property paid during the year.
If you paid taxes as part of the closing in 2009, they should indicated on the HUD-1 closing statement. Look on lines 510 & 511 to see if there were unpaid taxes deducted from your proceeds. If there are numbers on lines 406 or 407, you had prepaid taxes and the buyer is reimbursing you for part of them.
Real Estate Tax Auctions Tax Forfeited Lands part2
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