MargaretMort Posted March 21, 2009 Report Share Posted March 21, 2009 I am trying to finish a tax return that has plagued me for a couple of weeks--always find one more thing to question and want further info about. Right now I am reviewing the entire return to make sure I have entered everything--too many pieces of paper and too much information--and I was double checking the property tax info for the Sch A. There is a line that says Rental Property Tax from Sch E. Client co-owns with her 2 sisters 2 pieces of property . Both are showing losses--depreciation caused--that are carrying forward. Can I take her share of the property taxes and move them to her Sch A. Seems like a good move to take advantage of the deduction now rather than waiting. I will look up some info but was wondering if I am in the right. MM Quote Link to comment Share on other sites More sharing options...
jasdlm Posted March 21, 2009 Report Share Posted March 21, 2009 Is there personal use of the property? How much (%)? Quote Link to comment Share on other sites More sharing options...
MargaretMort Posted March 22, 2009 Author Report Share Posted March 22, 2009 No personal use. the losses can't be taken because TP's AGI too high. I am inclined to add the property tax to the Schedule A, just want someone to pay me on the head and said "Good one!" I have a bad habit of questioning everything and working my way into a hole with no way out. MM Quote Link to comment Share on other sites More sharing options...
RoyDaleOne Posted March 22, 2009 Report Share Posted March 22, 2009 Generally, you should not move rental properties' real estate taxes and interest from Schedule E to Schedule A. Business expense, passive activity, and all those rules you would be circumventing. Sometimes you can when it is based on personal use limitations, however, not for other reasons. Quote Link to comment Share on other sites More sharing options...
MargaretMort Posted March 22, 2009 Author Report Share Posted March 22, 2009 That makes perfect sense. I had looked up the pub. and anything else i could lay my eyes on and didn't get an answer. Knew I could get it here. Many thanks. MM Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted March 22, 2009 Report Share Posted March 22, 2009 Only the real estate tax on the Personal Residence is eligible for the addition to the std deduction. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.