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My mother has a quit claim deed to 4 children but subject to the life estate reserved in her name. This is Indiana property. She wishes to claim the over 65 tax benefit IC 6-1.1-12-9 with a maximum income limit of $12,480. She thinks she qualifies but we are wondering if the incomes of the children also come into consideration? Please advise.

dipaligopale · Joined: 25 May 2010 Posts: 790 22.70 Dollars($)

Hi Nora,

Welcome to mortgage fit,

There is no such clause mentioned in the eligibility criteria about 'considering income of children'.
So do not worry about it.

I am just putting here other requirements for the IC 6-1.1-12-9 directly from the Indiana government official website

1.Person who wish to get the benefit should own the said property or should be planning to own by the date of application.

2.Individual should reside in the property.

3.combined gross income of an individual should not exceed $ 25,000.

4.Before claiming the deductions individual should at least own the property for minimum 1 year.

5.Assessed property value should not exceed $ 1,82,430.

6.Surviving,unmarried spouse at least 60 yrs of age if deceased, was 65 at the time of death.

7.If individual is in hospital or nursing home and thus could not reside at home,so s/he could not be denied for the deductions.

I hope I have covered almost all the requirements....

Feel free to ask any further query if you have.....

DIPA

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