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  • Property tax deduction?

    Hi everyone so I'm currently living with my pops. Since he is currently not working I've been helping with a lot of the expenses. I've paid for the property tax on the home for this year however the property and mortgage are under my dad. Is it possible for me to deduct the property taxes along with the mortgage interest on my taxes? Thank you.

  • #2
    You've given him a gift. Put that way, would you wonder if it was deductible?

    Is your dad itemizing? If you had the mortgage and title, would you be itemizing?

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    • #3
      Taxes were not assessed to you. +1 on @G gift interpretation. “Deductible Real Estate Taxes
      You can deduct real estate taxes imposed on you. You must have paid them either at settlement or closing, or to a taxing authority (either directly or through an escrow account) during the year. If you own a cooperative apartment, see Special Rules for Cooperatives , later.”

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      • #4
        Originally posted by G View Post
        You've given him a gift. Put that way, would you wonder if it was deductible?

        Is your dad itemizing? If you had the mortgage and title, would you be itemizing?
        The thing is he didn't have any earned income this year and is just relying on his emergency fund to get by so as far as I know he won't be itemizing. I just wanted to see if this was something that I'd be able to deduct since he likely wouldn't deduct it anyways. If I did have the mortgage and title sure I'd itemize.

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        • #5
          standard deduction assuming you are single is $12,400. So if you itemize, did you pay more than that amount in mortgage interest and property tax?

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          • #6
            Originally posted by kaymaza View Post

            The thing is he didn't have any earned income this year and is just relying on his emergency fund to get by so as far as I know he won't be itemizing. I just wanted to see if this was something that I'd be able to deduct since he likely wouldn't deduct it anyways. If I did have the mortgage and title sure I'd itemize.
            JBME got my point: I would not expect either you or your dad itemizing based upon the short vignette that you described. The standard deductible is pretty generous and covers most folks unless they got a lot of stuff going on. If it makes you feel any better, I was alarmed that I didn't itemize last year...it took me awhile to realize/accept the glass half full view (although I have a lot of stuff going on, I didn't have a lot of expenses).

            Hope things work out for your old man.

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            • #7
              If it makes you feel any better, you are limited to itemizing $10k total in SALT (State And Local Taxes). If you are an attending in a state that has an income tax code, it is probably irrelevant whether you are allowed to deduct those taxes or not (but the above responses are correct: you’re not).

              otoh, if you are paying rent in the form of the SALT and you have a home office, you could possibly deduct a % of that amount as a HO expense in an indirect way.
              Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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              • #8
                the most common scenario to itemize I think is $10k SALT plus mortgage interest on a big house plus charitable donations

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