TAXES & LICENSES
Real Estate Tax
If you own fixed property that is legally under your name or your businesses name, you may be subject to real estate tax. Typically, real estate tax is imposed by state and local governments on land and buildings. Your real estate tax liability will likely be calculated annually and be based on the value of your real property. The good news is that real estate taxes are deductible on your federal tax return in the year paid to state and local taxing authorities. AirBnB hosts, landlords, real estate agents and anyone taking a home office deduction should be sure not to overlook this deduction.