I HAVE 25% OWNERSHIP ON A RESIDENTAL PROPERTY. I'M NOT SURE HOW I SHOULD REPORT THIS ON MY TAX FORMS. I PAID MY SHARE OF PROPERTY TAXES. SHOULD I ALLOW MY MOTHER (WHOSE NAME IS ON THE 1098 FORM) FILE IT AND JUST ASK HER TO GIVE ME MY 25% SHARE OR NOT? I'M CLAIMING HEAD OF HOUSEHOLD WITH ONE DEPENDENT.
2007-02-04 15:54:25 · 4 answers · asked by snoopy2323 1 in Business & Finance ➔ Taxes ➔ United States
Whether you can take an itemized deduction for the property taxes and mortgage interest depends upon whose name(s) is (are) on the deed and the mortgage.
If your name is on the deed, you may claim your share of the property taxes that you actually paid.
If your name is on the mortgage, the same rule applies.
However, if your name is NOT on the deed and / or the mortgage you CANNOT claim any deduction for the item where your name is missing. To claim a deduction you must be legally responsible for the debt and actually pay it.
2007-02-04 16:02:46 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
2
2016-07-18 23:02:37 · answer #2 · answered by Anonymous · 0⤊ 0⤋
First responder is correct. If you can deduct anything, you can deduct your share of interest and property taxes paid.
2007-02-04 16:57:18 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Rent To Own Home - http://RentToOwnHome.uzaev.com/?zUuS
2016-07-12 05:00:49 · answer #4 · answered by Dorthea 3 · 0⤊ 0⤋