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Qucik Claim and IRS

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CMy oncerned Guest 0.10 Dollars($)	Posted: Thu Jan 31, 2008 6:51 pm    Post subject: Qucik Claim and IRS My Uncle quick claimed his house to me and my sister. We don't owe a mortgage as it is paid off. My sister and I now pay the taxes and insurance. Do we have to claim this to the IRS or do we wait until we sell the home? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
larry Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)	Posted: Thu Jan 31, 2008 7:06 pm    Post subject: Hi, Are you talking about tax breaks as you are paying insurance? Please give a bit more information.
sara Joined: 05 Jul 2006 Posts: 1206 Location: New Brunswick, New Jersey 223.95 Dollars($)	Posted: Thu Jan 31, 2008 9:25 pm    Post subject: RE: claim taxes and insurances yeah Larry, he's talking about deductions on property taxes and homeowner's insurance. As far as I know, Cmy can deduct the state and local property taxes if he itemizes the deductions. But one should only itemize when such deductions are higher than the standard deduction. Regarding the insurance, the private mortgage insurance premiums are deductible and not the homeowners insurance. The latter is only deductible when it is included in the mortgage payment. Take Care

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