I bought a condo with cash, do i need to claim it on my taxes

Asked about 3 years ago - Wixom, MI

I paid cash for a condo as a second home, do I need to do anything with it on my taxes? Im not planning on claiming the taxes so do I even need to make reference to it when I do my taxes?

Attorney answers (2)

  1. Steven J. Fromm

    Contributor Level 20

    1

    Lawyer agrees

    Answered . You are not required to claim real estate taxes on your tax return. But why would you not claim a deduction that the law allows? Do you want to pay the IRS more taxes than required? If you want to make a gift to the government then by all means do not report the real estate taxes on your Schedule A.

    Hope this helps. Mr. Fromm is licensed to practice law throughout the state of PA with offices in Philadelphia and Montgomery counties. He is authorized to handle IRS matters throughout the United States. His phone number is 215-735-2336 or his email address is sjfpc@comcast.net . For further tax advice visit his website at www.sjfpc.com . and blog at <>

    LEGAL DISCLAIMER Mr. Fromm is licensed to practice law throughout the state of PA with offices in Philadelphia... more
  2. Carlo Albert Ciccone

    Pro

    Contributor Level 10

    Answered . If you are referring strictly to the purchase of the second home for individual tax purposes then no.

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