How can I claim Homestead property taxes?
Answer:
Sorry, but if you don't live in the house, then you can't claim Homestead taxes on it. If you claim it's your primary residence but still don't live there, that's considerd fraud.
If you quit-claim your Mom onto title, then creditors would be able to go after the house if anything happens.
I would list this house as an investment property on your taxes and write off depreciation.that should off-set the higher property taxes. Speak with a CPA.
?
From my understanding, you cannot gain homestead act credit on a second house regardless of how it is used. You should be able to get a good write off on taxes, but beware because rental income is counting as income. After figuring in whatever portion your mother pays as income, then you can use the fair market price for similar rentals and the difference along with any other expenses if you itemize your taxes.
You can only claim a homestead on one house, the house you live in. I would show your mom as a renter if she's paying part of the mortgage but you own the house.
To my understanding, whether it's your mother or not, you got yourself a rental property. Which isn't a bad thing necessarily. Though the bills are getting higher, it's still deductable on your taxes. (My CPA does this for me.) Just keep receipts for everything, anything you might help your mother fix up and repair, depreciation, all that.
Then considering the situation, stay on the safe side and have an accountant do your taxes.
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
Other Questions and Answers: