Will there be more tax deductions if I put the house completely under my name, versus doing a joint...
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Will there be more tax deductions if I put the house completely under my name, versus doing a joint ownership?
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I currently live with my mother, and the house is under her name.
However, I pay for the property tax (house paid off).
In regards to property tax reductions. If I will be continuously paying the property tax, will there be more tax deductions if I put the house completely under my name, versus doing a joint ownership?
united-states taxes real-estate property-taxes new-jersey
edited 4 hours ago
yoozer8
2,45641124
asked 4 hours ago
useruser
811159
add a comment |
I currently live with my mother, and the house is under her name.
However, I pay for the property tax (house paid off).
In regards to property tax reductions. If I will be continuously paying the property tax, will there be more tax deductions if I put the house completely under my name, versus doing a joint ownership?
united-states taxes real-estate property-taxes new-jersey
edited 4 hours ago
yoozer8
2,45641124
asked 4 hours ago
useruser
811159
2
Do you currently itemize deductions?
– Hart CO
3 hours ago
It depends on your income, your mother's income, whether you itemize deductions and whether she itemizes deductions and whether the property tax plus your (or her) state income taxes are over $10,000. Also, she has to give you the house, or a share in the house, you can't just put in your name.
– ab2
2 hours ago
add a comment |
I currently live with my mother, and the house is under her name.
However, I pay for the property tax (house paid off).
In regards to property tax reductions. If I will be continuously paying the property tax, will there be more tax deductions if I put the house completely under my name, versus doing a joint ownership?
united-states taxes real-estate property-taxes new-jersey
edited 4 hours ago
yoozer8
2,45641124
asked 4 hours ago
useruser
811159
I currently live with my mother, and the house is under her name.
However, I pay for the property tax (house paid off).
In regards to property tax reductions. If I will be continuously paying the property tax, will there be more tax deductions if I put the house completely under my name, versus doing a joint ownership?
united-states taxes real-estate property-taxes new-jersey
united-states taxes real-estate property-taxes new-jersey
edited 4 hours ago
yoozer8
2,45641124
asked 4 hours ago
useruser
811159
edited 4 hours ago
yoozer8
2,45641124
asked 4 hours ago
useruser
811159
edited 4 hours ago
yoozer8
2,45641124
edited 4 hours ago
yoozer8
2,45641124
edited 4 hours ago
yoozer8
2,45641124
2,45641124
asked 4 hours ago
useruser
811159
asked 4 hours ago
useruser
811159
asked 4 hours ago
useruser
811159
811159
2
Do you currently itemize deductions?
– Hart CO
3 hours ago
It depends on your income, your mother's income, whether you itemize deductions and whether she itemizes deductions and whether the property tax plus your (or her) state income taxes are over $10,000. Also, she has to give you the house, or a share in the house, you can't just put in your name.
– ab2
2 hours ago
add a comment |
2
Do you currently itemize deductions?
– Hart CO
3 hours ago
It depends on your income, your mother's income, whether you itemize deductions and whether she itemizes deductions and whether the property tax plus your (or her) state income taxes are over $10,000. Also, she has to give you the house, or a share in the house, you can't just put in your name.
– ab2
2 hours ago
2
2
Do you currently itemize deductions?
– Hart CO
3 hours ago
Do you currently itemize deductions?
– Hart CO
3 hours ago
It depends on your income, your mother's income, whether you itemize deductions and whether she itemizes deductions and whether the property tax plus your (or her) state income taxes are over $10,000. Also, she has to give you the house, or a share in the house, you can't just put in your name.
– ab2
2 hours ago
It depends on your income, your mother's income, whether you itemize deductions and whether she itemizes deductions and whether the property tax plus your (or her) state income taxes are over $10,000. Also, she has to give you the house, or a share in the house, you can't just put in your name.
– ab2
2 hours ago
add a comment |
2 Answers
2
active
oldest
votes
Unintended Consequences - Yes, to T.M.’s addressing the tax issue. But. “Put the house under my name” implies a gift. Mom is gifting you the house. Along with its basis. Which means, when mom dies, you don’t get a stepped up basis, and potentially have a huge cap gain when you sell.
Funny story. In a nutshell, my sister now owns a house worth $800K with a $4000 basis due to 2 generations of such gifting. She will see that tax bill I’d hope to save you from.
answered 2 hours ago
JoeTaxpayer♦JoeTaxpayer
149k25241481
This makes it seem scary. So can one never be gifted within families? Or is there a Tax process to update the basis?
– perennial_noob
1 hour ago
Well. The 'right' way to do it is to die and leave the house to your heirs. There are also ways to use an irrevocable trust to execute the same plan. A bit more expensive, but often used for medicaid planning.
– JoeTaxpayer♦
1 hour ago
add a comment |
If you don't itemize and wouldn't gain any benefit from itemizing the whole property tax amount, then it doesn't matter how much of the property tax you could deduct since it wouldn't lower your taxes any. I'm assuming that you do, or could itemize.
The relevant instructions (Schedule A) and publications (pub 530) are pretty quiet on who gets to deduct property taxes in an unmarried joint owner situation. The best reference I could find that addresses the question was from 2010. It basically answers in the affirmative that if you could lose the house if all the property taxes aren't paid, then the tax meets the standard of being "imposed on you" stated in pub 530 and you can deduct the entire amount you paid. It gave an exception in Pennsylvania where due to state law the joint owner couldn't lose her 1/6th interest in the house as long as she paid 1/6th of the taxes so her deduction was limited to 1/6th of the taxes.
If you weren't a joint owner and paid the taxes you would not be able to deduct them at all per this question.
answered 2 hours ago
T. M.T. M.
1,263211
add a comment |
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2 Answers
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2 Answers
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Unintended Consequences - Yes, to T.M.’s addressing the tax issue. But. “Put the house under my name” implies a gift. Mom is gifting you the house. Along with its basis. Which means, when mom dies, you don’t get a stepped up basis, and potentially have a huge cap gain when you sell.
Funny story. In a nutshell, my sister now owns a house worth $800K with a $4000 basis due to 2 generations of such gifting. She will see that tax bill I’d hope to save you from.
answered 2 hours ago
JoeTaxpayer♦JoeTaxpayer
149k25241481
This makes it seem scary. So can one never be gifted within families? Or is there a Tax process to update the basis?
– perennial_noob
1 hour ago
Well. The 'right' way to do it is to die and leave the house to your heirs. There are also ways to use an irrevocable trust to execute the same plan. A bit more expensive, but often used for medicaid planning.
– JoeTaxpayer♦
1 hour ago
add a comment |
Unintended Consequences - Yes, to T.M.’s addressing the tax issue. But. “Put the house under my name” implies a gift. Mom is gifting you the house. Along with its basis. Which means, when mom dies, you don’t get a stepped up basis, and potentially have a huge cap gain when you sell.
Funny story. In a nutshell, my sister now owns a house worth $800K with a $4000 basis due to 2 generations of such gifting. She will see that tax bill I’d hope to save you from.
answered 2 hours ago
JoeTaxpayer♦JoeTaxpayer
149k25241481
This makes it seem scary. So can one never be gifted within families? Or is there a Tax process to update the basis?
– perennial_noob
1 hour ago
Well. The 'right' way to do it is to die and leave the house to your heirs. There are also ways to use an irrevocable trust to execute the same plan. A bit more expensive, but often used for medicaid planning.
– JoeTaxpayer♦
1 hour ago
add a comment |
Unintended Consequences - Yes, to T.M.’s addressing the tax issue. But. “Put the house under my name” implies a gift. Mom is gifting you the house. Along with its basis. Which means, when mom dies, you don’t get a stepped up basis, and potentially have a huge cap gain when you sell.
Funny story. In a nutshell, my sister now owns a house worth $800K with a $4000 basis due to 2 generations of such gifting. She will see that tax bill I’d hope to save you from.
answered 2 hours ago
JoeTaxpayer♦JoeTaxpayer
149k25241481
Unintended Consequences - Yes, to T.M.’s addressing the tax issue. But. “Put the house under my name” implies a gift. Mom is gifting you the house. Along with its basis. Which means, when mom dies, you don’t get a stepped up basis, and potentially have a huge cap gain when you sell.
Funny story. In a nutshell, my sister now owns a house worth $800K with a $4000 basis due to 2 generations of such gifting. She will see that tax bill I’d hope to save you from.
answered 2 hours ago
JoeTaxpayer♦JoeTaxpayer
149k25241481
answered 2 hours ago
JoeTaxpayer♦JoeTaxpayer
149k25241481
answered 2 hours ago
JoeTaxpayer♦JoeTaxpayer
149k25241481
answered 2 hours ago
JoeTaxpayer♦JoeTaxpayer
149k25241481
149k25241481
This makes it seem scary. So can one never be gifted within families? Or is there a Tax process to update the basis?
– perennial_noob
1 hour ago
Well. The 'right' way to do it is to die and leave the house to your heirs. There are also ways to use an irrevocable trust to execute the same plan. A bit more expensive, but often used for medicaid planning.
– JoeTaxpayer♦
1 hour ago
add a comment |
This makes it seem scary. So can one never be gifted within families? Or is there a Tax process to update the basis?
– perennial_noob
1 hour ago
Well. The 'right' way to do it is to die and leave the house to your heirs. There are also ways to use an irrevocable trust to execute the same plan. A bit more expensive, but often used for medicaid planning.
– JoeTaxpayer♦
1 hour ago
This makes it seem scary. So can one never be gifted within families? Or is there a Tax process to update the basis?
– perennial_noob
1 hour ago
This makes it seem scary. So can one never be gifted within families? Or is there a Tax process to update the basis?
– perennial_noob
1 hour ago
Well. The 'right' way to do it is to die and leave the house to your heirs. There are also ways to use an irrevocable trust to execute the same plan. A bit more expensive, but often used for medicaid planning.
– JoeTaxpayer♦
1 hour ago
Well. The 'right' way to do it is to die and leave the house to your heirs. There are also ways to use an irrevocable trust to execute the same plan. A bit more expensive, but often used for medicaid planning.
– JoeTaxpayer♦
1 hour ago
add a comment |
If you don't itemize and wouldn't gain any benefit from itemizing the whole property tax amount, then it doesn't matter how much of the property tax you could deduct since it wouldn't lower your taxes any. I'm assuming that you do, or could itemize.
The relevant instructions (Schedule A) and publications (pub 530) are pretty quiet on who gets to deduct property taxes in an unmarried joint owner situation. The best reference I could find that addresses the question was from 2010. It basically answers in the affirmative that if you could lose the house if all the property taxes aren't paid, then the tax meets the standard of being "imposed on you" stated in pub 530 and you can deduct the entire amount you paid. It gave an exception in Pennsylvania where due to state law the joint owner couldn't lose her 1/6th interest in the house as long as she paid 1/6th of the taxes so her deduction was limited to 1/6th of the taxes.
If you weren't a joint owner and paid the taxes you would not be able to deduct them at all per this question.
answered 2 hours ago
T. M.T. M.
1,263211
add a comment |
If you don't itemize and wouldn't gain any benefit from itemizing the whole property tax amount, then it doesn't matter how much of the property tax you could deduct since it wouldn't lower your taxes any. I'm assuming that you do, or could itemize.
The relevant instructions (Schedule A) and publications (pub 530) are pretty quiet on who gets to deduct property taxes in an unmarried joint owner situation. The best reference I could find that addresses the question was from 2010. It basically answers in the affirmative that if you could lose the house if all the property taxes aren't paid, then the tax meets the standard of being "imposed on you" stated in pub 530 and you can deduct the entire amount you paid. It gave an exception in Pennsylvania where due to state law the joint owner couldn't lose her 1/6th interest in the house as long as she paid 1/6th of the taxes so her deduction was limited to 1/6th of the taxes.
If you weren't a joint owner and paid the taxes you would not be able to deduct them at all per this question.
answered 2 hours ago
T. M.T. M.
1,263211
add a comment |
If you don't itemize and wouldn't gain any benefit from itemizing the whole property tax amount, then it doesn't matter how much of the property tax you could deduct since it wouldn't lower your taxes any. I'm assuming that you do, or could itemize.
The relevant instructions (Schedule A) and publications (pub 530) are pretty quiet on who gets to deduct property taxes in an unmarried joint owner situation. The best reference I could find that addresses the question was from 2010. It basically answers in the affirmative that if you could lose the house if all the property taxes aren't paid, then the tax meets the standard of being "imposed on you" stated in pub 530 and you can deduct the entire amount you paid. It gave an exception in Pennsylvania where due to state law the joint owner couldn't lose her 1/6th interest in the house as long as she paid 1/6th of the taxes so her deduction was limited to 1/6th of the taxes.
If you weren't a joint owner and paid the taxes you would not be able to deduct them at all per this question.
answered 2 hours ago
T. M.T. M.
1,263211
If you don't itemize and wouldn't gain any benefit from itemizing the whole property tax amount, then it doesn't matter how much of the property tax you could deduct since it wouldn't lower your taxes any. I'm assuming that you do, or could itemize.
The relevant instructions (Schedule A) and publications (pub 530) are pretty quiet on who gets to deduct property taxes in an unmarried joint owner situation. The best reference I could find that addresses the question was from 2010. It basically answers in the affirmative that if you could lose the house if all the property taxes aren't paid, then the tax meets the standard of being "imposed on you" stated in pub 530 and you can deduct the entire amount you paid. It gave an exception in Pennsylvania where due to state law the joint owner couldn't lose her 1/6th interest in the house as long as she paid 1/6th of the taxes so her deduction was limited to 1/6th of the taxes.
If you weren't a joint owner and paid the taxes you would not be able to deduct them at all per this question.
answered 2 hours ago
T. M.T. M.
1,263211
answered 2 hours ago
T. M.T. M.
1,263211
answered 2 hours ago
T. M.T. M.
1,263211
answered 2 hours ago
T. M.T. M.
1,263211
1,263211
add a comment |
add a comment |
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2
Do you currently itemize deductions?
– Hart CO
3 hours ago
It depends on your income, your mother's income, whether you itemize deductions and whether she itemizes deductions and whether the property tax plus your (or her) state income taxes are over $10,000. Also, she has to give you the house, or a share in the house, you can't just put in your name.
– ab2
2 hours ago