I am the qualified resident paying for my grandmother's house.
2007-10-03 13:21:05 · 4 answers · asked by Kevin D 1 in Business & Finance ➔ Taxes ➔ United States
Yes, if you are legally required to pay them, and if the home is your main or second residence If you don't live there at least some of the year, then no - you can only deduct real estate taxes on your first or second residence. If you aren't on the property deed, you are not legally required to pay the taxes so could not deduct them. And in any case you can't deduct any penalties and interest, only the taxes.
2007-10-03 13:47:15 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
If your grandmother's name is the name on the deed, you get no deduction for paying her taxes. And if you pay them, she cannot get a deduction either as she didn't pay them.
To take a deduction you must both be legally required to pay AND you must actually pay. From the wording of your question, neither you nor your grandmother meet the tests and therefore nobody gets the deduction.
2007-10-03 20:39:30 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Yes, but you cannot deduct the penalties. Your grandmother needs to add you to the title and/or gift you the home to really make it legit.
If you live in her house, chances are you don't have a mortgage and therefore don't itemize, but perhaps these taxes and your income taxes and other itemized deductions will get you above the standard deduction ($5,350 if you are single)
2007-10-03 20:27:07 · answer #3 · answered by Nick, CPA 2 · 0⤊ 1⤋
You have to be legally required to pay the taxes. If you are not on the title to the property, you cannot deduct the taxes.
2007-10-03 20:30:40 · answer #4 · answered by Mark S 5 · 2⤊ 0⤋