Are real estate taxes deductible?

Answer Real estate taxes are deductible. Record the deduction on your Schedule A deduction form, which itemizes your yearly deductions. This deduction is for all state, local and school tax paid based on ... Read More »

Top Q&A For: Are real estate taxes deductible

Are real estate taxes deductible on a summer home?

Real estate taxes are deductible on your summer home. According to the Internal Revenue Service (IRS), you can deduct real estate taxes paid on any home or property that you own.Source:IRS: Topic 5... Read More »

Are Real Estate Commissions Tax Deductible?

A real estate commission is one of the largest costs associated with selling a home. Commission rates vary, but are typically between 3 and 6 percent of the sale price. On a $400,000 sale, a 6 perc... Read More »

Is it tax deductible to gift real estate to children?

No, real estate is not tax-deductible if you gift it to your children. In 2010, the only tax-deductible real estate gifts were those given to charities. Tax may be excluded on the gift if the fair ... Read More »

Are real estate rental losses deductible for an LLC partnership?

According to the IRS, a limited liability corporation (LLC), formed under state law, which elects to be taxed as a partnership must file Form 1065 (U.S. Partnership Return of Income). A partner wh... Read More »