I currently am the sole owner of a property I bought back in 2001. I just purchased another home with another person. We are both on the mortgage and title of the new home. I had two questions concerning taxes and homestead exemption in the State of Florida. I still have both houses and was wondering when it comes to this years tax if she put the new house on her taxes and I put my old house on my taxes this would be ok? Also would she be able to file for homestead exemption on the new home purchase if she lives there and I live at my old house? Please let me know...??? I don't want to do anything illegal ..
Thank You!!!
2006-10-19 06:29:17 · 3 answers · asked by Brian R 2 in Business & Finance ➔ Renting & Real Estate
You'll want to check out IRS publication 523: Read it online at http://www.irs.gov/publications/p523/ar02.html. It defines all the terms you'll need to know, and spells out all the associated tax issues.
Taxes are important enough that you don't want to rely on some dude like me, though. I recommend you reach out to your local IRS office in Florida. Here's a link with the locations of all the offices in Florida:
http://www.irs.gov/localcontacts/article/0,,id=98268,00.html
They can also put you in touch with the Florida State Department of Revenue, who can answer any questions related to your state taxes.
2006-10-19 06:40:31 · answer #1 · answered by Charlie 2 · 0⤊ 0⤋
If she is paying those taxes and as long as you both aren't trying to claim them, then yes, she can put them on her return. And yes, she can file for the homestead exemption.
2006-10-19 06:38:54 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It will depend on who the primary borrower is. Seak the advise of a tax professional. Don't depend on people here for such a critical answer. Spend a few $$ now
2006-10-19 06:37:55 · answer #3 · answered by golferwhoworks 7 · 0⤊ 0⤋