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During 2016 and 2017, Danny pays property taxes of $3,500 each year on a piece of land. During 2016, ...

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During 2016 and 2017, Danny pays property taxes of $3,500 each year on a piece of land. During 2016, ...

During 2016 and 2017, Danny pays property taxes of $3,500 each year on a piece of land. During 2016, the land is vacant and unproductive. In 2017, Danny uses the land as a parking lot and generates $16,000 in income. Which of the following is true regarding the property taxes?

▸ Capitalize $3,500 each year.

▸ Deduct $3,500 each year.

▸ Capitalize $3,500 in 2016 and deduct $3,500 in 2017.

▸ Either Deduct $3,500 each year or Capitalize $3,500 in 2016 and deduct $3,500 in 2017 is acceptable.

Textbook

Federal Taxation 2017 Individuals

Edition: 30^th

Authors: Pope, Rupert, Anderson

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