2007-01-23 08:09:07 · 12 answers · asked by backwoodsredneck123 1 in Business & Finance ➔ Taxes ➔ United States
You cannot deduct "property" on your tax return.
If you own a home as your primary residence you can deduct mortgage interest and taxes.
If you have an investment property you can deduct the costs of ownership (Interest, property taxes, etc).
2007-01-23 08:15:36 · answer #1 · answered by Nusha 5 · 0⤊ 0⤋
OK FOLKS- LOOK AT THE NAME OF THE poster... Go easy on him/her!
If you own the trailer and don't make payments to a mortgage company, then you can't deduct any INTEREST or property tax on your taxes.
If you pay rent to your uncle Bubba, then no, you can't deduct the rent.
If it is in the old lady's name and you just shack up at the place with her you can't deduct the interest or taxes on YOUR return- Unless you are married to her. Or if you are married filing seperately and she lets you claim it cause you made more $$ and need the deduction.
She won't wanna claim all her earnings so she can get the EIC for all 3-4 kids and her sisters kid she is claiming while sis is in jail for bad checks.....
2007-01-23 08:22:50 · answer #2 · answered by juicy13500 3 · 1⤊ 0⤋
If you don't own your home, it's not considered your property. But if you have other property that you use for your work, such as a car or a computer or home office equipment etc, you can make deductions for their purchase or usage. Turbo Tax walks you through all of this and I highly recommend it.
2007-01-23 08:12:02 · answer #3 · answered by ? 2 · 1⤊ 0⤋
If you are not a homeowner, you have no property to deduct.
2007-01-23 08:14:55 · answer #4 · answered by whatevit 5 · 0⤊ 0⤋
What kind of property? A home yes, but you can deduct property such as boats, motor homes, etc.
2007-01-23 08:12:39 · answer #5 · answered by Laura R 3 · 0⤊ 0⤋
Yes you do. It called homestead. If you have more than one property you can only claim your primary address.
2007-01-23 08:11:58 · answer #6 · answered by kayjay 4 · 0⤊ 1⤋
yes
2007-01-23 08:11:31 · answer #7 · answered by Ryan S 2 · 0⤊ 0⤋
yes
2007-01-23 08:11:08 · answer #8 · answered by Scotty 6 · 0⤊ 0⤋
It's not "your" property unless you own it!
2007-01-23 08:11:55 · answer #9 · answered by wish I were 6 · 1⤊ 0⤋
Of course you do
2007-01-23 08:11:43 · answer #10 · answered by Anonymous · 0⤊ 0⤋