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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10149
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I rented my home out to live with my elderly mother when my

Customer Question

I rented my home out to live with my elderly mother when my dad died. I'm now 65, do I get a break on property tax? My home is in Gwinnett County Georgia and is my only owned property that I'm keeping with mom dies. Her home is in reverse mortgage and I need my home when she dies. Can I get any tax breaks now. I know I'm not allowed homestead exemption.
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Hi, yes, if this is a rental, then you report the mortgage interest, property tax and any other expenses (including depreciation on the home) on schedule E, where you report the income.

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Here's a fairly exhaustive list of rental expenses

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Rental expenses may include the following and are deductible in the year in which they were paid:

    Rental expenses can be deducted from the time the property is made available for rent.

    Expert:  Lane replied 1 year ago.

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