Determine the total amount of real estate tax paid during the tax year. It is important to note that while some municipalities give property owners until Jan. 31 of the following year to pay real estate taxes, you can only deduct real estate taxes actually paid during the tax year. Make sure your real estate tax payment is postmarked by Dec. 31 if you want to include that deduction for the current tax year.
Once you have calculated this amount, we provide an interface dialog to enter this property tax expense in the accounting system for each individual property.
Property tax is supported to generate the correct IRS schedule-e.