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yeknod
Level 5
July 18, 2022
Question

Property taxes on Vacant Land

  • July 18, 2022
  • 1 reply
  • 5 views

Taxpayer has S-Corp.  The S-Corp owns rental properties and vacant land.  Can the Vacant lot property taxes be deducted or do they have to be added to the basis of each property?

I read they can be deducted if inside a S-Corp but want to be sure.

 

Thanks in Advance!

 

 

This topic has been closed for replies.

1 reply

sjrcpa
sjrcpa
Level 15
July 18, 2022

Why are they holding vacant land?

The more I know the more I don’t know.
Y
yeknodAuthor
Level 5
July 18, 2022

To develop eventually and or to flip.  What do they need to hold it for in order to write on the taxes in S-Corp?

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