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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Property taxes on Vacant Land
Property taxes on Vacant Land
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yeknod
Level 3
07-18-2022
01:05 PM
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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!
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2 Comments 2
sjrcpa
Level 15
07-18-2022
04:22 PM
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Why are they holding vacant land?
The more I know, the more I don't know.
yeknod
Level 3
07-18-2022
05:04 PM
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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?
