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Tammy F.
Tammy F., Not an active Expert
Category: Tax
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property tax

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My parents live in a Retirement Complex and recently some residents that had been in the "tax" field pushed the issue of property taxes paid and who can claim them on their returns. As a result, the administration of the Home has sent a letter to all residents stated the amount of money paid to the home this past year that went directly to paying the Homes Property Tax. The home has claimed this on their returns, but now the residents are claiming since they "buy" their place, it is their’s to claim. Who is right?

 Whomever is responsible for repayment of the loan on the property has the right to claim the property taxes.  If your parents OWN or are purchasing the property, they have the right to claim it.  If they pay a set amount as in a rental agreement, they cannot claim it.


Retirement complexes are typically like rental dwellings and are handled as such. 


Let me know if you still have questions.

 
Customer: replied 11 years ago.
Reply to Tammy Falkner's Post: Well, just to clarify. They did have to purchase
their "unit" but they do not own the "ground" on
which the community is built. As such, they have
a monthly fee they pay and this is where the
home has given them in writing the portion of
what they paid in the last year as going
directly to real estate property taxes. If I
understand your answer, even though they
purchased their unit, they do not own the
property and therefore are not entitled the the
claim. Please re-confirm if I understand.
Thank-you so much for your patience.

 That is correct.  If they are not legally responsible for repayment of the mortage for the home they live in, they cannot deduct the mortgage interest or property taxes.


 

Tammy F., Not an active Expert
Category: Tax
Satisfied Customers: 9168
Experience: Not an active Expert
Tammy F. and other Tax Specialists are ready to help you
Customer: replied 11 years ago.
Reply to Tammy Falkner's Post: No Comment Added

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