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    vvicin01's Avatar
    vvicin01 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 22, 2007, 10:57 AM
    Property Tax Deduction
    My father and I purchase a home a couple of years ago for an investment. We fixed it up and sold it. We bought it for $67,000.00 and sold it for $76,000.00. After all the closing cost, commission and tax we cleared $69,000.00. The property taxes and expenses in fixing up the home average around $6,000.00 for the past two years. Can I claim the property tax as an expense and deduct that from my gain ($69,000.00 - $6,000.00).

    Thank you.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Feb 22, 2007, 11:56 PM
    Yes, you can claim the property taxes.

    If you factor in all the fix-up costs, I suspect you sold at a LOSS.
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