Welcome Guest. Register Now!  


Itemized Deductions Schedule-A


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-14-2011, 11:13 AM
Junior Member
 
Join Date: Mar 2011
Posts: 1
Question about Real Estate Tax

I live with my mother in Chicago, Illinois and filed head of household for 2010 (my mother did not file). A friend told me yesterday that since I filed head of household, I should have claimed a deduction for the taxes on my mother's house even though it's her house not mine. Is this true? Thanks very much in advance.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 03-16-2011, 07:03 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,236
“ A friend told me yesterday that since I filed head of household, I should have claimed a deduction for the taxes on my mother's house even though it's her house not mine. Is this true?”-->No, Idon’t think so; to deduct your mother’s real estate taxes, the taxes must be imposed on you taking the deduction. Real estate taxes would be imposed on the owner of the property, your mother, I guess as she is an owner of the home. The Tax Court has allowed beneficial owners to also claim the deduction. Assume that your area cosigner, even the co-signer would not be a legal owner and the status of beneficial owner is a very difficult one to establish.Hence the co-signer cannot deduct the real estate taxes.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Is the Real Estate Withholding Tax an additional tax on sale of Oregon Real Property? TaxGuru Oregon 0 11-04-2010 12:03 PM
Real estate professional offsetting Real Este losses against spouse's W-2 income MRAMANNA Rental Real-Estate 2 03-08-2009 01:49 PM
Real estate property tax question optionstrader Rental Real-Estate 1 11-04-2008 09:36 AM
real-estate tax question NY and Texas Eimen Rental Real-Estate 1 03-31-2007 12:04 AM
Real Estate Commissions InTheWindyCity Miscellaneous 1 01-18-2007 12:29 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.