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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
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Experience:  15years with H & R Block. Divisional leader, Instructor
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WHo can claim property taxes and insurance

Resolved Question:

WHo can claim property taxes and insurance?
Submitted: 4 years ago.
Category: Tax
Expert:  Robin D. replied 4 years ago.

Hello sspinella 1,

Thank you for using Just Answer.

The insurance paid for coverage on a house is not generally used as a deduction unless the house is rental property. Then it would be shown on the Schedule E of the owner of the rental property.

As for property taxes, to be deductible, the tax must be imposed on you as the owner of the property. If you are the owner of the property then the taxes would be deducted on your Schedule A if for your personal use property and if for a business property they would be shown on the appropriate business form.

Thank you again,

Customer: replied 4 years ago.

Hello Robin,

Thank you for the reply.

In this particular scenario the person has been forced to use her income in order to do a loan modification. I understand the rule however in his situation are there ever exeptions?

Expert:  Robin D. replied 4 years ago.

Hello again,

The insurance is never used on personal home and there are no exceptions.

 

The taxes must be imposed on you (that is exactly the way it is worded in IRS publication) this equates that you own the property. If an individual is not liable for th tax and they pay for someone else, that would be considered a gift should the non owner pay for the owner, but no deduction would be allowed to the giver.

Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 7266
Experience: 15years with H & R Block. Divisional leader, Instructor
Robin D. and 3 other Tax Specialists are ready to help you
Customer: replied 4 years ago.

Thanks again,

I am going to accept the answer and I have one more question that pertains to it... if you dont mind Laughing.

In this situation the person who does own the house is an elderly man who only has social security income of 15,648 per year. In your opinion would it make sense for him to file taxes (he has not for a long time) and use the interest and taxes as a write off?

 

Thank you for your help.

Expert:  Robin D. replied 4 years ago.

If the only income to the person that owns th e home is Social Security and none other income, it would not benefit him to file.

I can not think of any refundable credits that he would be allowed. A refundable credit (one that garnered him a refund) would be the only reason he would want to file at this point.

Thank you again,

Customer: replied 4 years ago.
Thank you
Expert:  Robin D. replied 4 years ago.
You are welcome
Customer: replied 4 years ago.

One more twist.... sorry.Smile

What if he claimed rental income as well as the social security? Would it make sense for him to fil than? rental income would be around 22,000.

Expert:  Robin D. replied 4 years ago.

If the gentleman is renting out property he is required to file and report the rent received and then he may claim all expenses for the rental. If he has no tax payments made then he will not receive a refund.

With no refundable credits and no tax payments made (such as estimated taxes) there is no refund to expect.

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