When my mother died, she left her house to myself and my 3 siblings equally. I am currently living in the house alone, paying all expenses and the property tax, though we four own it equally. Can I claim the full deduction for the property taxes since I pay them? Or can I claim only 1/4 of the tax deduction since I own 1/4 of the property?
2007-03-01 03:04:48 · 5 answers · asked by dietbarqs12345 3 in Business & Finance ➔ Taxes ➔ United States
There is no rent involved. We consider my paying expenses to cover that. It was meant as a temporary situatiion while I clean out old family belongings and prepare the house for sale, but the situation has extended a couple of years.
2007-03-01 03:17:27 · update #1
Since you paid the full amount of the property taxes, you should be able to deduct the full amount of the taxes you paid. The IRS says you must be an owner of the home (which you are).
The only time you'd have to divide up the proerty tax is if more than one person paid the property tax. Since this isn't the case for you, go ahead and deduct all of the property taxes you paid for.
2007-03-01 03:24:29 · answer #1 · answered by peachygurl86 2 · 2⤊ 0⤋
IMHO No, the deduction is for interest on own loan funds made. If he did no longer make any funds, then he paid no interest, consequently no deduction. Ask your CPA. i think of you get the completed own loan deduction, yet you will could desire to declare the lease you're being paid as earnings, which will offset a number of your write off. i'm no longer a CPA so double examine each and every thing I provide as an opinion, and absolutely everyone else, with a genuine CPA.
2016-10-02 04:04:12 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you are on the deed and paid all of the tax, you get the whole deduction. To take a deduction you must be legally obligated for the expenditure and must actuall pay it. You meet those tests so you get the entire deduction.
2007-03-01 03:50:02 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You are only entitled to claim a deduction to extent of what you have paid. If you paid 100% of the tax liability, you are entitled to claim it in full.
Since you seem to be one laying out all of the money for the maintenance of the house,
you should be entitiled to recoup 75% of your cost.
2007-03-01 06:29:54 · answer #4 · answered by bold4bs 4 · 0⤊ 0⤋
That depends upon the arrangement you have with your siblings.
Do you pay them rent for their 3/4 ownership? If yes, then I would say you are definitely limited to your 1/4 deduction.
Are you in the process of buying out their shares to make it your home? You might be able to claim the full amount.
2007-03-01 03:08:32 · answer #5 · answered by nova_queen_28 7 · 0⤊ 2⤋