What is the actual deduction rate for landlords for property tax?

[mathjak107]

Exactly the case for non professional landlords.

even with nine apartments and commercial lease rights we didn’t legally qualify for schedule c.

daily our time was spent at our regular jobs. it is still considered a passive business in the tax code

[City Guy997S]

Originally Posted by oregonwoodsmoke

Ask your accountant. On your federal income taxes, you deduct the entire amount of the property taxes off the income from the rental. I do not know about Florida income tax.

Florida doesn't have income tax

[Hollytree]

I found that Turbo Tax rental income version was good for landlords when I was one. It will walk you through everything you need to do.

[KaraG]

Originally Posted by blueskies2023

right. But unless i'm doing the math wrong; it seems quite minimal in our case (18% tax bracket).

example;

rental income 20000 per year.

property tax. 5000 per year.

I live in a different state and property tax is about tripled for homes that aren't owner occupied. Make sure you check that out.

[mathjak107]

Originally Posted by KaraG

I live in a different state and property tax is about tripled for homes that aren't owner occupied. Make sure you check that out.

we found that out when we looked in to the county in south carolina we are looking to be snow birds in .

huge difference in taxes for owner occupied

[KaraG]

Originally Posted by mathjak107

we found that out when we looked in to the county in south carolina we are looking to be snow birds in .

huge difference in taxes for owner occupied

Yep, that's where we are. And I remember a C-D thread many many years ago where a woman bought a cheap house in Detroit to use for her business. Turns out the mortgage interest rate was higher as well as the taxes and insurance. It wasn't the fabulous deal she had hoped for.