Can you subtract home mortgage interest, home insurance and concrete estate taxes on home you never colonized?
My ex-son-in-law deducted mortgage and tax expenses on a home that he secured the loan for, be on title for, but never lived in the house nor contributed financially toward that in which he wrote past its sell-by date. This house was never his primary residence. It would not qualify as his secondary residence since he lived surrounded by a rental home. I'm thinking tax fraud. Any thoughts would be greatly appreciated. Thank you everyone
Answers:
The individual that pays the mortgage is the one that get the deductions on their taxes.
Was it a rental property? "Rental income" includes rent, or any expenses paid by the tenant. If so, yes, he can deduct mortgage, insurance and taxes that he compensated (plus a whole slew of other expenses).
However, if he never paid any of those expenses, unsurprisingly he cannot deduct them, and of course it's fraud.
Yes, he has committed duty fraud. Federal crime. It does not matter that no one else can claim it any. He is basically a landlord, this is not his residence.
You can not claim this any, as you are not on the mortgage.
You cannot deduct anything you never paid.
I discount on a couple of my homes that I never lived in, but they are rental properties, in my nickname, and I pay the interest, insurance and taxes.
You must be the person that salaried anything you deduct.
And it's easy to attain caught - you must receive end of year IRS forms, in your heading, in order to take off this. I just use mortgage statements.
if he rewarded the mortgage and taxes and insurance, yes he can use them as deductions. insurance can only be deduct though if it is a rent house that he collects rent on. home insurance is not deductible on a main home. How did he happend to get the levy info for the house? i mean if he secured the loan, title, even though he never lived in it, somebody is sending him the info. it could be fraud or he have more real estate tied up than you think he does. Source(s): duty preparer since 1989
As long as the individuals that occupied the property are not intending to claim it on their taxes, you should be able to. However you should consult a duty expert, not try to find out on the net! Source(s): life and Living
Of course he is in grave error. To reduce by mortgage interest one has to be obligated to pay it and must in actuality do the paying.
If someone else lived in the house and paid the payments, the amount of the payments constituted rent your SIL should own reported. Then he could have deducted the expenses against that income on Sch. E.
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Answers:
The individual that pays the mortgage is the one that get the deductions on their taxes.
Was it a rental property? "Rental income" includes rent, or any expenses paid by the tenant. If so, yes, he can deduct mortgage, insurance and taxes that he compensated (plus a whole slew of other expenses).
However, if he never paid any of those expenses, unsurprisingly he cannot deduct them, and of course it's fraud.
Yes, he has committed duty fraud. Federal crime. It does not matter that no one else can claim it any. He is basically a landlord, this is not his residence.
You can not claim this any, as you are not on the mortgage.
You cannot deduct anything you never paid.
I discount on a couple of my homes that I never lived in, but they are rental properties, in my nickname, and I pay the interest, insurance and taxes.
You must be the person that salaried anything you deduct.
And it's easy to attain caught - you must receive end of year IRS forms, in your heading, in order to take off this. I just use mortgage statements.
if he rewarded the mortgage and taxes and insurance, yes he can use them as deductions. insurance can only be deduct though if it is a rent house that he collects rent on. home insurance is not deductible on a main home. How did he happend to get the levy info for the house? i mean if he secured the loan, title, even though he never lived in it, somebody is sending him the info. it could be fraud or he have more real estate tied up than you think he does. Source(s): duty preparer since 1989
As long as the individuals that occupied the property are not intending to claim it on their taxes, you should be able to. However you should consult a duty expert, not try to find out on the net! Source(s): life and Living
Of course he is in grave error. To reduce by mortgage interest one has to be obligated to pay it and must in actuality do the paying.
If someone else lived in the house and paid the payments, the amount of the payments constituted rent your SIL should own reported. Then he could have deducted the expenses against that income on Sch. E.
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