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Is the house or taxes deductible for him. How does it affect…

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Is the house or taxes...
Is the house or taxes deductible for him. How does it affect his taxes. How can the house be in both our names, without making me an equal partner.
Submitted: 8 months ago.Category: Tax
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10/30/2017
Tax Professional: Fred Rook, Certified Public Accountant (CPA) replied 8 months ago
Fred Rook
Fred Rook, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 147
Experience: 20+ years as a Certified Public Accountant, including 19 years working in public accounting firms with extensive tax, audit, write-up and consulting experience.
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Hello - i'm guessing this is related to your other question. You can both be an owner, but if you are suggesting a non-equal ownership, then you would own the house as tenants in common (though it would have to specify how the ownership is divided on the deed). Upon death, the interest of the deceased co-tenant will pass to the co-tenant's heirs. When it comes to deducting the real estate taxes, it's important to understand that a TIC does not subdivide the property. The property remains a single unit in the eyes of the law. Typically, real estate taxes will be assessed on the property, and all owners listed on the deed are responsible for the full amount of the tax. How owners collect and pay the tax among themselves is up to them, though the deduction is typically split by the percentage of ownership. Mortgage interest would work the same way, but there are some additional steps, as follows:

  • The owner whose name is ***** ***** 1098 (mortgage interest) reports his or her share on Schedule A on the line for "Home mortgage interest ... reported on Form 1098."
  • The other owner(s) report their shares on Schedule A on the line for "Home mortgage interest not reported to you on Form 1098."
  • The other owner(s) attach a statement to their returns with the name, address and Social Security number of the owner who received the 1098.

Let me know if this answers your question. Thanks!

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Customer reply replied 8 months ago
How would it affect my son’s taxes if he bought the house. He paid the taxes and I paid the utilities, as I would be living there in the winter and nobody would there the rest of the time
Tax Professional: Fred Rook, Certified Public Accountant (CPA) replied 8 months ago

It doesn't matter who bought the house. If you are both on the deed and own a non-equal portion of the house, you own the house as tenants in common. While the utilities are not deductible, you can allocate the real estate tax deduction however you want, though it's customary to allocate the real estate deduction by the percentage of ownership.

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Customer reply replied 8 months ago
Can I call you later when my son is here
Tax Professional: Fred Rook, Certified Public Accountant (CPA) replied 8 months ago

Absolutely!

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Customer reply replied 8 months ago
Thank you
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