Are School Taxes deductible? Nathan Carroll Shupilov Success Team Follow Unlike some Legal Fees and the Welcome Tax, School Taxes are immediate tax deductions for investment properties with with sole purpose of producing rental income. Example: If your investment condo makes $12,000 a year and you pay $1,200 a year in school taxes, you can deduct the $1,200 from your final NET income, bringing down your total taxable obligation to $10,800. Related articles Are Municipal Taxes deductible? Can you deduct legal, accounting, and other professional fees? Are Condo Fees tax deductible? Is the Welcome Tax deductible? Comments 0 comments Please sign in to leave a comment.