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All Forum Posts by: Alan Ferden

Alan Ferden has started 1 posts and replied 2 times.

Quote from @Joseph Palmiero:

You can deduct 1/4 of the real estate taxes.  This is the amount owed by you from October 1st until the end of the year.  The other portion would be added to the cost of the property and depreciated.  

The insurance can be deducted in full.

Thanks Joseph! 

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?