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DOES QUALIFYING FOR HOMESTEAD DEDUCTION FOR MY MOMS HOUSE AFFECT MY INCOME THIS YEAR?

 
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5 Replies

DOES QUALIFYING FOR HOMESTEAD DEDUCTION FOR MY MOMS HOUSE AFFECT MY INCOME THIS YEAR?

Please explain.   Who got the homestead deduction?  You or your mother?  Who owns the home that got the homestead deduction?

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

DOES QUALIFYING FOR HOMESTEAD DEDUCTION FOR MY MOMS HOUSE AFFECT MY INCOME THIS YEAR?

I live in my deceased mother's house ,the house is owned by my sister but we share the taxes together. I qualified for Homestead deduction because I live here and do not own a home

DOES QUALIFYING FOR HOMESTEAD DEDUCTION FOR MY MOMS HOUSE AFFECT MY INCOME THIS YEAR?

You posted your question from a version of online Live software.  If you are really using that “Live” software you can get help from your “expert.”

You are posting from TurboTax Live.  You can arrange for the Live help you are paying the extra fee for with your questions from 5 a.m. to 9 p.m. Pacific time.

https://ttlc.intuit.com/questions/4124827-how-do-i-connect-with-a-tax-expert-in-turbotax-live

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

DOES QUALIFYING FOR HOMESTEAD DEDUCTION FOR MY MOMS HOUSE AFFECT MY INCOME THIS YEAR?

I LIVE IN TEXAS.  AN AGENT HELPED ME, TOLD ME THAT IT A IS A HOMESTEAD DISCOUNT TO LOWER PROPERTY TAX AND IT WONT AFFECT MY INCOME. AS LONG UNLESS I DO THE ITEMIZED FILING VERSION. THANKS FOR  YOUR TIME

DOES QUALIFYING FOR HOMESTEAD DEDUCTION FOR MY MOMS HOUSE AFFECT MY INCOME THIS YEAR?

It is not clear what exactly you are trying to do.  You say someone told you file an itemized tax return.  Itemized deductions do not have any effect on your tax due or refund unless you have enough itemized deductions to exceed your standard deduction.   You need itemized deductions like mortgage interest, property tax, medical expenses, etc.     The reduction of your property tax is unlikely to have any effect on your federal tax return.     If you do not have enough itemized deductions, the software defaults to your standard deduction.

 

You need to have another conversation with your "Live" expert to get more clarity.

 

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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