Submitted By: someone
Answered: June 1, 2022 2:44 am

I own a parcel of vacant land held for investment. Can I deduct the real estate taxes?

You may be able to deduct the property taxes on vacant land held for investment, but you must itemize personal deductions to do so. These taxes are not subject to the limitation on state and local taxes, which include real estate taxes on personal use property (e.g., your personal residence). Note: Different rules apply to individuals who are dealers in property.

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Tax Glossary

Annuity

An annual payment of money by a company or individual to a person called the annuitant. Payment is for a fixed period or the life of the annuitant. Tax consequences depend on the type of contract and funding.

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