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Who gets to deduct interest on taxes when entering a real estate contract?
Wiki User
∙ 14y ago
I'm not sure entering is the right term...ut interest on taxes would ONLY be deductible by the party that paid it AND only if that party was buying the real estate as a business investment/capital asset, not for personal use.
Wiki User
∙ 14y ago
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On disability filing federal tax form not necessary but you want to deduct real estate taxes and mortgage interest?
This would not benefit you at all. What income would you have to deduct them from?
Your sister and you share a property without your knowledge she has signed a contract with an estate agent is this valid?
If you are equal owners, the contract can only encumber your sister's half interest. She cannot contract to sell your interest.
Can you split mortgage interst on income tax if 2 people own the property?
If you meet the requirements for deducting mortgage interest, you may deduct whatever interest you personally paid. You may not deduct interest that someone else (including the other owner) paid. The same applies to real estate taxes.
Do you pay sales tax when buying a home?
When you purchased your home you probably paid settlement or closing costs in addition to the contract price. You can deduct home mortgage interest, points, and certain real estate tax on your tax return. Review your paperwork from your title insurance company and mortgage company which will show any real estate taxes paid. To answer your question, NO.
Who excutes a Texas real estate contract?
A real estate contract may be executed by the buyer and seller; trustee; attorney; builder/contractor. Any party to a real estate contract may execute a real estate contract.
Can a cosigner who resides in the home deduct on his income tax the property taxes on the home and the mortgage interest that he pays on the loan for that home?
Some basic facts: 1) You cannot deduct any property taxes or mortgage interest unless YOU paid it. If a co-owner or cosigner (or even a complete stranger) paid the taxes or interest you cannot deduct them even though you might be an owner of the house. 2) There are severe restrictions on an individual's ability to deduct any type of interest payments. As a general rule, an individual may not deduct any interest payments. One exception to this rule is a limited deduction for interest on a qualified residence. The person deducting the interest must be the legal or beneficial owner of the property in order to qualify under this exception. Unless there are other facts not present in the question, the co-signer would likely not be a legal of beneficial owner. 3) To deduct real estate taxes, the taxes must be imposed on the person taking the deduction. Real estate taxes would be imposed on the owner of the property. The Tax Court has allowed beneficial owners to also claim the deduction (See Trans v Commissioner and Uslu v Commissioner). The co-signer would not be a legal owner and the status of "beneficial owner" is a very difficult one to establish (and we have no evidence the co-signer would qualify as a beneficial owner). Hence the co-signer cannot deduct the real estate taxes. Conclusion: Neither the borrower nor the co-signer can claim a deduction.
As executor can you deduct personal expenses to administer an estate from your personal taxes?
Not if they are reimbursed from the estate. If not, they may be eligible to be credited against the inheritance income.
Can a person with usafrux of property stop heirs from entering property?
The usufruct at civil law is simply a life estate which terminates at the death of the grantee, the property interest of which then reverts to the grantor.
Can you deduct the amount you pay your tax account?
I am not sure what you mean by this or what kind of tax account you may be referring to.On your federal income tax return, you may deduct payments of various types of state and local taxes that are imposed on you within limitations. These include real estate, state and local income taxes, and sales taxes (but not both sales taxes and income taxes). You may not deduct federal incomes taxes. You may not deduct interest or penalties.A few states let you deduct federal income taxes on your state return.
How do you cancel contract with real estate agent?
Prove that the Real Estate Agent has not completed his/her duties afforded to you in said contract.
Must a parent with lifetime rights sign sale contract?
You mean a contract to sell a property in which the parent has a life estate? No. If the children want to sell their future interest in the property, it is separate from the rights of the parent with a life estate. Similarly, the children do not need to be asked if the the parent wants to sell (or mortgage) his or her life estate to someone else. On the other hand, if the buyers want clear title, with no life estate, then you have a different problem: terminating the life estate, by merging it with the future estate, and what's in it for you?
Can you deduct real estate taxes on schedule L for 2010?
No. That deduction expired at the end of 2009.
