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Recent Real Estate Tax questions

I have a few questions. I own a unit in a co-op. 1) Can I

Hello. I have a few questions.I own a unit in a co-op.1) Can I deduct the the buildings ( recipient/lender )mortgage interest ( form 1098 ) on my tax return ( itemized deduction - schedule A) as payee/borrower?2) Do I need to include the annual NY real estate tax abatement I receive that is credited towards my monthly maintenance as income on my tax return?3) Do I need to include the annual cooperative real estate tax abatement ( STAR ) rebate that I receive as a credit towards my monthly maintenance as income on my tax return?4) I receive an annual notice from the Corp. with the $ amount per share allowable to shareholders for claiming a deduction for the Corp's real estate tax expense ( i.e. $5.00 per share x 500 shares =$ 2,500. ) Do I deduct the $2,500 on schedule A under real estate taxes?

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Mark Taylor

Certified Public Accountant

Masters

1,228 satisfied customers
I live in a home where the mortgage/Note is under my parents

HelloJA: Hello. How can we be of help?Customer: I live in a home where the mortgage/Note is under my parents name but I pay the Note payment, taxes and insuranceJA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: We want to sell the home and deposit the funds into a joint checking account, so the down payment and capital gains taxes are returned to my parents and the remaining equity can be disbursed to meJA: Is there anything else the Accountant should be aware of?Customer: We want to pay the capital gains from the proceeds return the down payment to my parents and allow for the remaining equity to come to me so I can purchase another home in my name

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ABC Accounting Group

Bachelor's Degree

192 satisfied customers
Real Estate Investment taxes: I own a home and am

Real Estate Investment taxes: I own a home and am considering buying another in the same town. My daughter would live in the second home until I sell my current home (probably about 5 years). She would pay the mortgage, taxes, insurance. I would not collect money beyond that. How will that impact my income taxes? I am 65 and retired with a small pension and social security.

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Robin D.

Vocational, Technical or Trade School

21,198 satisfied customers
Which uses are 'exempt uses'? In Albuquerque New Mexico, my

Which uses are 'exempt uses'?In Albuquerque New Mexico, my IRS 501C3 (religious organization--25+ years good standing) has a 'property tax exemption [ad valorem] on our 'parsonage', (where, as pastor of a small church, I live with my family). The property remains exempt from these real estate taxes as long as the house is:1) Exempt owned (NM Non Profit Corporation owns the property)2) Exempt use (parsonage)We own another house which is now being used as a (NM Department of Health) licensed Elder Care/Hospice [for up to 8 clients, currently 3-4]Can an Elder Care/Hospice qualify as Exempt Use? Would it need to be 'religious' also? or denominational (Baptist, Methodist, ...or simply Christian? etc.)What types of uses might be 'exempt use' for NM property tax exemption???

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Dr. Fiona Chen

President

Ph.D.

550 satisfied customers
I have a small business and I have a mortgage on a rental

I have a small business and I have a mortgage on a rental property. My business is about to receive enough money to pay off the mortgage. My idea was to have my business buy my rental property from me and use that big purchase as a business expense, then have the renters pay my company, & I would report the income from the property that I receive monthly as business income for my business. Is this legal, and can I claim the purchase as a business expense so long as I report the income from the property on the business taxes and pay all the property taxes etc?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

9,014 satisfied customers
I have an annuity with that was set up approximately three

I have an annuity with ***** ***** that was set up approximately three years ago that pays me every month. It's not a great amount. ***** ***** moves things around in my portfolio, on which I pay taxes and, of course, I pay taxes on the monthly amount. I feel like I'm paying taxes twice on the same thing. I am thinking of cashing in the portfolio and using the proceeds to buy a house as rental property. Would this be a good idea?JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?Customer: I have no idea, I'm a real novice in this area.

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Robin D.

Vocational, Technical or Trade School

21,198 satisfied customers
Title of real estate taxes in both name, mom and son. Son

Title of real estate taxes in both name, mom and son. Son lives in that property. Mom paid real estate taxes but dont need a deduction on Schedule A. Can son deduct all real estate taxes paid in a year (paid by mom)? Or only half of it since the title is in both names? Thank you.

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Mark Taylor

Certified Public Accountant

Masters

1,228 satisfied customers
My father left a house to myself and my brother in a living

My father left a house to myself and my brother in a living trust. As trustees/beneficiaries of the estate, are we entitled to pay the property tax and also take the tax write off for it? Or do we need to change the title of the house from the living trust to our personal names before we can claim tax benefits from the property tax write off?

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Dr. Fiona Chen

President

Ph.D.

550 satisfied customers
With a 1031 exchange, as I understand it, you have to

With a 1031 exchange, as I understand it, you have to identify that its a 1031 before closing, be in contract within 45 days, and close within 180 days. Is there any breathing room on this?

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Dr. Fiona Chen

President

Ph.D.

550 satisfied customers
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