Every single year for the last 10 years I owe taxes. I am on the deed to my Mothers house. She collects social security and pension and I work full-time. House is paid off. Would it be beneficial to me at all for both of us to "claim" the residence. Or is this even allowed. Home is in PA. Not sure if that matters.
You'll need to sign in or create an account to connect with an expert.
Th only thing to enter about your mother's house would be the property taxes paid, and only the person who actually paid the property tax can enter that on a tax return. Unless you are the one who paid the tax, you cannot enter it on your return. If your mother paid her property tax, she can enter it. And....unless your mom has enough other itemized deductions like mortgage interest ("house is paid off"), medical expenses, charity donations, etc. to exceed her standard deduction, entering property tax would have no effect your mother's refund or tax due.
Thanks. Yes, she pays the taxes herself every year. Not sure what her deductions look like either. I believe she winds up owing a small amount every year as well. I have been on the deed for 5 years now and just thought about it as I was printing out my tax docs.
Since both of you are on the deed of the home, either one of you (or both) can deduct the property taxes that you actually paid but you will have to itemize your deductions instead of taking the standard deduction. Other tax deductions that home owners can take are:
Refer to the TurboTax article Home Ownership Tax Deductions for more information.
Review the following TurboTax articles to determine if there are additional items that you can deduct on your Schedule A. 20 Common Tax Deductions: Examples for Your Next Tax Return and What Are Itemized Tax Deductions?
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Wolverine94
New Member
s_Arnold
New Member
lefel
New Member
SChappell
New Member
DH21
Level 3