When I file for IRS tax, can I deduct the real estate taxes and interest for the entire year of 2007 even though I was added to the mortgage and deed toward the end of the 2007 tax year only?
2007-06-12 04:57:41 · 5 answers · asked by pc 1 in Business & Finance ➔ Taxes ➔ United States
No, you can't.
If you were put on the deed and mortgage say in September, then the most you could deduct would be four months of the mortgage interest and real estate taxes for that year. That is, if you paid those amounts yourself.
2007-06-12 05:23:15 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
No, you can only claim the portion that was ACTUALLY paid by you on your tax return (I am a tax preparer). And, the 2007 tax year ends on December 31, 2007, you haven't been added yet.
The only interest you may deduct is the interest You Actually Paid.
2007-06-12 05:01:27 · answer #2 · answered by LovebugKZ 1 · 0⤊ 0⤋
You can deduct what you actually paid and were legally required to pay. Until you were on the mortgage/deed, you weren't legally required to pay these, so you can only deduct the amounts that you actually paid after you were put onto the mortgage (for interest) and deed (for property taxes).
2007-06-12 06:11:49 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
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2016-12-12 19:03:05 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You can deduct any of this that you actually paid.
2007-06-12 05:24:31 · answer #5 · answered by Anonymous · 0⤊ 0⤋