Posted on: 03rd Feb, 2009 07:31 am
i AM ON THE TITLE FOR A PROPERTY WITH MY MOTHER AND BC I LIVE IN IT, I HAVE PUT HOMESTEAD EXEMPTION ON IT. THE MORTGAGE IS IN MY MOTHER'S NAME, SO I PAY HER RENT AND SHE WRITES IT OFF AND THE MORTGAGE INTEREST, AS A RENTAL PROPERTY.
CAN I WRITE OFF THE PROPERTY TAXES ON MY TAX RETURN? IF I DO, WILL THAT KEEP ME FROM GETTING THE NEW $ 15000 TAX CREDIT FOR FIRST TIME HOME BUYERS? i HAVENT HAD A MORTGAGE OR HOME SOLELY IN MY NAME FOR 5 YEARS.
THANKS SO MUCH.
FELICITY
CAN I WRITE OFF THE PROPERTY TAXES ON MY TAX RETURN? IF I DO, WILL THAT KEEP ME FROM GETTING THE NEW $ 15000 TAX CREDIT FOR FIRST TIME HOME BUYERS? i HAVENT HAD A MORTGAGE OR HOME SOLELY IN MY NAME FOR 5 YEARS.
THANKS SO MUCH.
FELICITY
If you pay the property taxes in your name, only then you can qualify for the deduction. However, if you are are able to write off property taxes, it won't affect your first time buyer tax credit.