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xmattwm9
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I inherited my parent's home in 2014. My brother and I own it 50/50. Do I have to file this as owning a home? It was completely paid off, never paid mortage.

 
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I inherited my parent's home in 2014. My brother and I own it 50/50. Do I have to file this as owning a home? It was completely paid off, never paid mortage.

You are never required to claim deductions on the ownership of a house.  In your case, the only difference it would make would be any real estate taxes you pay on the house.

Those would only affect your return if you itemize your deductions. If your deduction amounts are less than your standard deduction, TurboTax would automatically claim the standard deduction for you.

Please look at the link below to determine what your standard deduction would be for your filing status.

https://www.irs.com/articles/2016-federal-tax-rates-personal-exemptions-and-standard-deductions  


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I inherited my parent's home in 2014. My brother and I own it 50/50. Do I have to file this as owning a home? It was completely paid off, never paid mortage.

You are never required to claim deductions on the ownership of a house.  In your case, the only difference it would make would be any real estate taxes you pay on the house.

Those would only affect your return if you itemize your deductions. If your deduction amounts are less than your standard deduction, TurboTax would automatically claim the standard deduction for you.

Please look at the link below to determine what your standard deduction would be for your filing status.

https://www.irs.com/articles/2016-federal-tax-rates-personal-exemptions-and-standard-deductions  


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