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Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 45928
Experience:  29 years of experience as a tax, real estate, and business attorney.
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If I am the only one living in a home paying the full proper

Customer Question

If I am the only one living in a home paying the full property taxes for the entire
year, but the home is in the name of myself & 3 children, can I claim the
entire amount or only 1/4 of the amount of the yearly taxes.

I understand that the deed needs to be changed to life estate right or
is there a risk factor I can claim.
Submitted: 3 years ago.
Category: Tax
Expert:  Richard replied 3 years ago.

Good afternoon. If you a title owner on the house and paid the entire property tax, you can deduct the entire amount paid.

 

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.

 

 

The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Customer: replied 3 years ago.

I referred to the fact that I am not the only title owner. YOU Only answered part of the

question.

Expert:  Richard replied 3 years ago.

I understand that there are other owners...but as one of the owners, you can claim the entire property tax if you paid it. There is no need to do a life estate. This is no different that if you owned the property in a partnership with the other 3 and you specially allocated the tax deduction to you because you paid it all.

 

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.

 

 

The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

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