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In 2010 Taxpayer (Status MFJ) had Total income (Form 1040 line

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22) of $133462. Adjustments to...
In 2010 Taxpayer (Status MFJ) had Total income (Form 1040 line 22) of $133462. Adjustments to Gross Income include line 25 (HSA) $7150 and line 27 (1/2 of SE) $824. Line 38 AGI is 125488. This includes losses on Schedule E of (10608) and Form 4797 of (16023). Losses were the result of abandonment of rental house on the farm where the taxpayer lives in a separate house. The rental was torn down and schedule E reflects that property was fully disposed of during the tax year.

In 2011 the taxpayer has Total income of $153900. AGI is also $153900. Taxpayer has expense of $3300 to backfill the hole left by tearing down the house, and $665 for real estate tax on the rental house. Can these expenses be deducted and if so where?
Submitted: 5 years ago.Category: Tax
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3/23/2012
Tax Professional: geedubya55, Certified Public Accountant (CPA) replied 5 years ago
geedubya55
geedubya55, Certified Public Accountant (CPA)
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Experience: 17 years experience in business and individual taxation specializing in small business and farming
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The $3,300 expense to backfill the hole can not be deducted currently, but will be added to the basis of the land so if the land is eventually sold, it will be deducted against the sales price.

 

The real estate tax can be deducted on schedule A line 6 as an itemized deduction.

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geedubya55, Certified Public Accountant (CPA)
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Experience: 17 years experience in business and individual taxation specializing in small business and farming
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