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Can a daughter who pays her parent's mortgage and property taxes claim the deductions on Sch A?
No, a daughter who pays her parent's mortgage and property taxes generally cannot claim those deductions on Schedule A. To claim mortgage interest and property tax deductions, the taxpayer must be the owner of the property or have a legal obligation to pay the mortgage. Since the daughter does not own the property, she is not eligible to claim these deductions, even if she is making the payments.
What else can I help you with?
Do you pay taxes on properties inherited from parents?
Yes because the property becomes yours unless they have already payed for the property in full.
What are some charitable organizations I can donate to that are tax deductible?
The charitable organizations which provide tax deductions for donations include Green Planet, City International, For Humanity, Christian Mission, Parents and Children Together etc,
What taxes are do when you sell your parents house after their deaths?
When you sell your parents' house after their deaths, you may be subject to capital gains tax on any profit made from the sale, calculated based on the difference between the sale price and the property's adjusted basis at the time of their death. However, if the property received a step-up in basis, the taxable gain could be minimized or eliminated. Additionally, depending on the total value of the estate, estate taxes may apply if it exceeds the federal or state exemption limits. It's advisable to consult a tax professional for specific guidance based on individual circumstances.
Is school lunch money tax deductible?
School lunch money is generally not tax deductible for parents or guardians. The IRS does not allow deductions for meals provided to dependents at school, as these expenses are considered personal costs. However, if a parent pays for school lunches as part of a daycare service for a child under the age of 13, they may qualify for the Child and Dependent Care Credit. Always consult a tax professional for specific advice tailored to your situation.
How long to keep deceased parents papers such as tax returns?
Some papers are more or less permanent, such as titles to property. Tax returns: I'd say seven years. Papers that are duplicated in the public records: it doesn't really matter, because you can always obtain copies from the public records.
If your parents took out a mortgage in their name how do you get a mortgage in your name for the same property?
A property cannot be mortgaged twice at once. Additionally, you must hold the title to the property to place it under mortgage. Unless the other mortgage is paid off and your parents give you the house, you will not be able to get a mortgage on it.
Are adult children liable for parents mortgage debt?
No, not as long as they didn't co-sign the mortgage. However, if the parents have died and their property is subject to a mortgage the lender will foreclose on the property if the mortgage isn't paid. If the heirs want to keep or sell the property they must keep the mortgage payments current.
Your parents died leaving a mortgage on the heir property are the heirs obligated to pay the balance of the mortgage?
Yes. If you inherit a piece of property, including a house with a mortgage, you are legally obligated to pay its bills.
Parents left a will and you are the appointed executor what di you need to do about there home mortgage?
you need to get it paid off. and or sell the property
Your parents died and left you property your name is on the deed but not on the mortgage is that a problem?
It is not a problem, but the mortgage will still have to be paid by the surviving co-owner even if that co-owner did not borrow or get any of the money from the mortgage, because it is a lien on the house.
What if i am listed as POA on parents' reverse mortgage?
POA won't have any personal implications for you as the only recourse on a reverse mortgage is against the property, not against any borrowers or heirs. All the POA will do is enable you to communicate with the lender on your parents behalf.
Can a daughter claim an interest in her parents' property when her mother dies and her father is getting a reverse morage?
That all depends on how the property was titled. If your parents owned the property by a survivorship deed your father is now the sole owner of the property and he can grant a reverse mortgage if he so desires. You would have a claim to some proportionate interest only if they owned the property as tenants in common and your mother didn't leave her share to your father in her will. You would have no interest if the property was marital property and your parents live in a community property state.If you have questions you should consult an attorney in your jurisdiction who can review the situation and explain your rights.That all depends on how the property was titled. If your parents owned the property by a survivorship deed your father is now the sole owner of the property and he can grant a reverse mortgage if he so desires. You would have a claim to some proportionate interest only if they owned the property as tenants in common and your mother didn't leave her share to your father in her will. You would have no interest if the property was marital property and your parents live in a community property state.If you have questions you should consult an attorney in your jurisdiction who can review the situation and explain your rights.That all depends on how the property was titled. If your parents owned the property by a survivorship deed your father is now the sole owner of the property and he can grant a reverse mortgage if he so desires. You would have a claim to some proportionate interest only if they owned the property as tenants in common and your mother didn't leave her share to your father in her will. You would have no interest if the property was marital property and your parents live in a community property state.If you have questions you should consult an attorney in your jurisdiction who can review the situation and explain your rights.That all depends on how the property was titled. If your parents owned the property by a survivorship deed your father is now the sole owner of the property and he can grant a reverse mortgage if he so desires. You would have a claim to some proportionate interest only if they owned the property as tenants in common and your mother didn't leave her share to your father in her will. You would have no interest if the property was marital property and your parents live in a community property state.If you have questions you should consult an attorney in your jurisdiction who can review the situation and explain your rights.
What would happen if you lives with your mother who dies with an unpaid mortgage and your name not on the loan or deed?
Children will normally inherit their parents' property, which will include the equity in a house, even if the mortgage is not fully paid.
Should your parents have you on the title of their house to avoid forced sale?
If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.If your parents granted a mortgage and then default on the payments, adding you to the title after granting the mortgage will not stop a foreclosure.
If a mother deeds a property to her son is it now legally his house can she take it back?
If mother conveyed property to her son by a valid deed then he is the new owner. She cannot nullify a deed once she has signed it and it has been recorded in the land records.If son granted mother a mortgage in the property and she reserved the right to foreclose in that mortgage document she can take the property back by foreclosure if he defaults on the mortgage.
If both parents die without a will and left 3 children who owns the property?
If there was a mortgage the bank does, otherwise the 3 children, unless the bank will work with them. Check mortgage docs just in case it was specificied in them who would get it.
What is mean by herditory?
a system in which the son/daughter get the parents tittle name property immediately after there death is called as herditory
