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property tax deduction on the 706 Expand / Collapse
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Anonymous
Posted 8/11/2009 4:48:06 PM




I am aware that you can take property taxes as a deduction on both the 706 and 1041 if the lien date was prior to the date of death. What if the next year property taxes are paid during the 15 months the tax return is on extension. Can you also deduct these property taxes on the 706?
Post #801
Posted 8/11/2009 6:10:26 PM
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You can take property tax deductions on both the 706 and 1041 because they are a debt on the 706.

You can take property taxes paid that were not a liability as of the lien date as an administrative expense. Administrative expenses acan be deducted either on the 706 or 1041 but not both.

Mary Kay Foss

Post #802
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