Have a Finance Question? Ask a Financial Expert Online.
Thank you for your question, and thanks for using JustAnswer.com
How are you today?
I hate to be the bearer of bad news, but with a life estate, typically the life tenant is the one who gets the deduction for mortgage interest etc
Mortgage interest, real estate taxes, etc
Also, real estate taxes are only deductible for your primary and secondary residences.
Actually, I did some more digging, and you can deduct real estate taxes on any property that you own
The mortgage interest is what is limited to your primary and secondary residences.
If you own the property, you can deduct the taxes. I did some digging. But, if you're paying the mortgage you would only be able to deduct the interest if its your primary or secondary residences
No, on the interest but taxes are deducted the year they are paid...so if you paid several years of taxes in one year then you would deduct the interest
That is correct
If you would, please take a moment to rate my response as "excellent" so that I may receive credit for assisting you today