We have received property & mobile home (both paid in full) as a gift from my gpa. We only pay property tax on it. This is a vacation home. How will my taxes change?

[Anonymous]

I'm going to assume all of you are US citizens and the property is located in the US. you pay no taxes on gift and don't report it anywhere.     Assuming title was put into both your names, you gpa will need to file a gift tax return  if the  the value is more than $30,000  and you are eligible to deduct on schedule A the taxes.  under current law the deduction for taxes (all types in total) is limited to $10,000 and you must itemize. 

[Critter]

Depends ... if you don't rent the property then the RE taxes can be deduction on the Sch A.

If you DO rent it out then all the income and expenses are entered on a Sch E.  Read up on rentals in the IRS pub 527 ... and if you also use it as well as rent it then read up on the vacation home rules. 

[Critter]

Depends ... if you don't rent the property then the RE taxes can be deduction on the Sch A.

If you DO rent it out then all the income and expenses are entered on a Sch E.  Read up on rentals in the IRS pub 527 ... and if you also use it as well as rent it then read up on the vacation home rules.