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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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sjrcpa
Level 15
07-18-2022
04:22 PM
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Why are they holding vacant land?
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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?
