took option on back taxes purchase of real estate and owner paid the taxes before the option deadline. How do I report the redeemed real estate. was originally reported on farm property sch f.
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Not sure what your state law is, but if you never took ownership of property, there probably was no deduciton for RE taxes paid on Schedule F to begin with. Normally buyer just receives interest on the redemption of taxes which would go on Sch. B of course. But since you deducted the payment of another persons property tax I suppose you would have to report on "Schedule F as refund of previously deducted expense. Hope that was your question.
Not sure what your state law is, but if you never took ownership of property, there probably was no deduciton for RE taxes paid on Schedule F to begin with. Normally buyer just receives interest on the redemption of taxes which would go on Sch. B of course. But since you deducted the payment of another persons property tax I suppose you would have to report on "Schedule F as refund of previously deducted expense. Hope that was your question.
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