To what extent would the following taxes be deductible by Married Couple under § 164? The City of Oz constructs a yellow brick road that runs past Woodman’s property. He and other property owners adjacent to the road are assessed varying amounts by Oz, based on the relative amounts of front footage of their properties. Woodman elects to pay off the assessment over five years and pays $400 in the taxable year. Deductible?

Answer rating: 100% (QA)

Answer IRC 164 As a general rule allows that all state and local taxes paid on the real esta... View the full answer