can I take a tax deduction on up keep and taxes? also I support my daughter with most of her bills she's 46 yrs can I claim her as a depedent even though she dosent live with me?
2006-10-11 04:08:02 · 7 answers · asked by Be Saved II 1 in Business & Finance ➔ Taxes ➔ United States
no you cannot take a tax deduction unless its yours, did the property pass to another family member or someone outside the family, this property should be handled by the executor of the estate and passed on according to your mom will. if by custodian, you mean your are executor of the estate left by your mom then until the property can be transferred to the beneficiary, the estates responsible for the upkeep and taxes, not you personally.
you didn't indicate whether there is a specific reason for you to continue supporting a 46 year old adult child. unless she is a full time student, or mentally or physically challenged, you best be prepared with well documented proof of that support if he IRS get involved. best thing check withe state where you reside presenting them with a hypothetical situation.
2006-10-11 04:21:32 · answer #1 · answered by connie m 2 · 0⤊ 0⤋
If you're the custodian, does that legally mean you should be paying the taxes? Your daughter, if she doesn't live with you cannot be claimed as a dependent. What you shoudl do if you're not living in that home is sell it. If you're letting your daughter live there free of cost, it's time to get her to take some responsibility unless there is a serious illness or reason for this situation. You should both move into the home then and then you can claim your daughter on your taxes and the burden won't be so heavy on you. In any case, if you're not living there - it is senseless to continue paying the taxes unless you're collecting rent to more than cover it so you're getting an income stream from this.
2006-10-11 11:18:48 · answer #2 · answered by ? 6 · 0⤊ 0⤋
If your mother's estate is still open you should deduct taxes from the estate (form 1041) return (assuming the estate still generates income as well) but not your own return.
You could only claim your single daughter that doesnt live with you if she was younger (under 25 and a full time student).
Usually only a parent doesnt have to live with you to be eligible to be claimed.
If your daughter was married its unlikely you would be able to claim her
2006-10-11 12:15:10 · answer #3 · answered by goldenboyblue 3 · 1⤊ 0⤋
when your mother died she had to have left the estate to someone either in a will or by inheritance...the only way you can claim your 46yr old daughter as a dependant is if she is dissabled...otherwise even if she lives with you after 21 she is considered an overage dependant and you can no longer claim her....your decision to take care of a property that doesnt belong to you is no concern to the government, the only way you get a tax break on doing nice things would be donations to charities and churches.
2006-10-11 11:19:13 · answer #4 · answered by Lek 6 · 0⤊ 0⤋
You need to contact a tax attorney, or at least someone at your local H&R Block to answer the question about the house. As for your daughter, I'm pretty sure that one's a no. You can also check out the IRS web site; they have contact info posted there so you can call or email them with your questions.
http://www.irs.gov/
2006-10-11 11:18:42 · answer #5 · answered by fyrfly 3 · 0⤊ 0⤋
unbelievable...you need to talk to a lawyer or financial consultant or something. Keep this up and you'll be in the poor house.
2006-10-11 11:16:42 · answer #6 · answered by DeborahDel 6 · 0⤊ 0⤋
who's home is it legally ?? that's who should be paying the taxes and up keep . . .not you . . .
2006-10-11 11:14:19 · answer #7 · answered by Rainy 5 · 0⤊ 0⤋