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"This time no taxes were paid."
Why is that? Because the property was exempted somehow? If there will not be a liability, agree it would be a reduction to the basis.
"This time no taxes were paid."
Why is that? Because the property was exempted somehow? If there will not be a liability, agree it would be a reduction to the basis.
Reduction in basis.
Since those taxes are operating activity, pick the credit up as income on your rental schedule if there are no expense amount to reduce subsequent payment. Either way, current impact.
@pkellycpa Please stop reviving threads from two or three years ago. They're not just water under the bridge, they've been through the treatment plant and flushed back down into the sewers.
But the sludge has not been purified.
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