How to deduct Property Tax for single member LLC
I have a single member LLC that only has a single lake front property as its sole asset (Land only). No income. It is being held as an investment.
How do I deduct the property tax on the land? Where on the schedule "c" do I put it?
Thanks
Answer
You put the property tax and all other expenses associated with the property (for example, your mileage for driving out to the property to do repairs, the cost of repairs, etc.) in Part II (if the category is listed), or Part V (line 48) for all other expenses.
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