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Can you deduct real estate taxes paid on behalf of another person if you do not own the property in question?
Wiki User
∙ 15y ago
No. You can't deduct RE tax, or any payment really, for something you were not obligated to. However, it does sound like the one who you paid the tax for has income in the amount you provided for them.
Wiki User
∙ 15y ago
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Can I deduct the price of my property rental from my taxes?
If you are the one renting the property you can not deduct this from your taxes. If you are the landlord you can receive a deduction on your taxes for owning the property.
Can you deduct property taxes on a rental property?
Yes
Will I be able to deduct a portion of my local property taxes from my NY state income tax?
No. However, you can deduct property taxes from your federal tax liability.
What will happen to your taxes when you own a home?
I think you can deduct your property taxes and the interest on your mortgage!
If you replace a leaking roof and add a deck to your rental property can you deduct the costs on your taxes?
You can deduct the costs over time. Both items are considered capital expenditures, so must be depreciated over the life of the property (27.5 years).
Can I deduct the price of my property rental from my taxes?
If you are the one renting the property you can not deduct this from your taxes. If you are the landlord you can receive a deduction on your taxes for owning the property.
Can you deduct property taxes on a rental property?
Yes
Will I be able to deduct a portion of my local property taxes from my NY state income tax?
No. However, you can deduct property taxes from your federal tax liability.
How do you deduct home owners insurance from a rental property loss?
You can't do that.
What will happen to your taxes when you own a home?
I think you can deduct your property taxes and the interest on your mortgage!
If you replace a leaking roof and add a deck to your rental property can you deduct the costs on your taxes?
You can deduct the costs over time. Both items are considered capital expenditures, so must be depreciated over the life of the property (27.5 years).
Can a coporation deduct a lease payment?
Yes, corporations can deduct lease payments. Property lease payments and vehicle lease payments are deductible in the year paid or accrued.
Use the word deduct in a sentence?
When calculating your taxes, remember to list the property tax payment as a deduction, so you pay less tax.
What can homeowners deduct on their taxes?
If you file a Schedule A and Form 1040 return you can deduct your Mortgage Interest, Property Taxes, and Mortgage PMI on your 1098 form from the bank or mortgage company.
What will happen to your income taxes when you own a home?
I think you can deduct your property taxes and the interest on your mortgage!
Can I deduct the expenses from my home repairs on my taxes?
No. Home improvements are added to the tax basis of your property, home repairs are maintain the good condition of your home. They cannot be deducted from your taxes or added to the tax basis of your property. If you also run a business out of your home you can deduct the expenses. Depending on if the repairs were also energy efficient you are able to deduct some of those expenses.
What is the Charitable contributions deductions for capital gain property?
If you donate a capital property to a registered non-profit organization that is approved by the IRS, you can deduct the lesser of the fair market value or your basis in the property.
