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Updated over 1 year ago on .
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Annual taxes deductable if given property mid year?
I'm being given a free and clear rental property Oct 1st. The property is tenant occupied. I will be responsible for paying the annual 2023 property tax in december. Can I deduct the full annual amount, even though I only owned the property for the 4th quarter of the year (I'm not being given a reimbursement from grantor for jan-sept taxes)
similar question with insurance. If I pay an annual policy in October, can I deduct the full amount paid on my 2023 taxes, or just 3 months?
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Michael Plaks
#1 Tax, SDIRAs & Cost Segregation Contributor
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Michael Plaks
#1 Tax, SDIRAs & Cost Segregation Contributor
Pro Member
#1 Tax, SDIRAs & Cost Segregation Contributor
- Tax Accountant / Enrolled Agent
- Houston, TX
You received two contradicting answers from two CPAs. The correct answer came from @Joseph Palmiero.