Sub Chapter S Corporation Tax Tips

"Hi, I'm Tom Choisnet, enrolled agent. I'm continuing now about real property taxes. I separated this out because I wanted to bring focus to taxes on property that you may overlook. One thing comes to mind, the Time Share that many of us have. Parts of those annual fees that you pay do go to property taxes and they are deductible. Also, if you happen to have taxes paid on real property out of state, those are deductible. As well of course if your personal residence. The taxes on your rentals are going to be over onto schedule E, so they are separate. A little tip about real property taxes, if you can't deduct the real property taxes because you are not an itemized deduction person, can be capitalized when the properties sold. So remember that and keep track of all the property taxes that you pay. Hope I've helped you a little bit; this is Tom Choisnet, thank you."