I purchased a lot in El Dorado Ranch in San Felipe in the Municipality of Mexicali. I paid $167 pro-rated property tax for 2007 to the Municipality of Mexicali. Is this amount deductible on my 2007 Federal Income 1040 tax form?
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I purchased a lot in El Dorado Ranch in San Felipe in the Municipality of Mexicali. I paid $167 pro-rated property tax for 2007 to the Municipality of Mexicali. Is this amount deductible on my 2007 Federal Income 1040 tax form?
Yes, it is deductible as an itemized tax deduction on Schedule A.
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