My father and I inherited a house jointly years ago, 50/50. He has been renting it out, paying the upkeep and taxes etc any profit has also gone to him and he has claimed the house as rental property on his taxes in the past. I wasn’t aware I was even on the deed until recently. My family has been renting a house and will be moving into the jointly owned house at the middle of the year next year. We will begin paying all the upkeep and taxes etc. There is no mortgage or anything. My question is, do I just add the house to my taxes and such or do I need to do it in a special way?
If you are on the deed to the house and you are the one who pays the property taxes, then you can enter the property tax you pay as an itemized deduction. Since there is no mortgage interest to enter, the property tax is the only "homeowner" expense you can enter. You cannot deduct anything for "upkeep" or repairs etc. Keep track of what you spend on improvements to the house for someday when you sell it.
Someday----you may need help with some issues when you sell the house, since it was inherited, and has been co-owned with your father, who has used it as a rental property. Hopefully your father has kept careful records of the amounts he has paid for repairs, improvements, etc. etc. and you will need to do so for your own records as well. The two of you may need professional tax help when you sell the house.
If you are on the deed to the house and you are the one who pays the property taxes, then you can enter the property tax you pay as an itemized deduction. Since there is no mortgage interest to enter, the property tax is the only "homeowner" expense you can enter. You cannot deduct anything for "upkeep" or repairs etc. Keep track of what you spend on improvements to the house for someday when you sell it.
Someday----you may need help with some issues when you sell the house, since it was inherited, and has been co-owned with your father, who has used it as a rental property. Hopefully your father has kept careful records of the amounts he has paid for repairs, improvements, etc. etc. and you will need to do so for your own records as well. The two of you may need professional tax help when you sell the house.