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Can I claim deductions for property tax, mortgage interest on a home that I inherited mid 2010? I've been paying these bills

Torrance, CA |

myself for the last 3 years. I'm the sole surviving trustee of the property left to me by my deceased parents. Is there any way to be able to claim these deductions on my tax return?

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Attorney answers 2

Best Answer
Posted

Generally, home mortgage interest is any interest you pay on a loan secured by your home
(main home or a second home). The loan may be a mortgage to buy your home, a second
mortgage, a line of credit, or a home equity loan. Same for property taxes. So based on the limited facts above, Yes.

Disclaimer of California Attorney. Laws differ form state to state. Although the above response is believed to be accurate, it should not be relied upon as any type of legal advice because the information provided is incomplete. It is intended to educate the reader and a more definite answer should be based on a consultation with a lawyer. No attorney client relation is formed with me without a written contract.

Good Luck starts with a strategy and a plan.

Robert J. Suhajda, MS,CPA
Attorney-At-Law
17721 Norwalk Blvd. #43
Artesia, CA 90701
562-924-8922

Tax Relief Lawyer. Former financial auditor and controller. Admitted to US Tax Court, Income Tax, IRS representation, Fiduciary income tax returns, Estate and Gift tax returns, Homeowner Association Strategist.

Posted

You should change the title on this property so that you or your trust is the owner. You can then continue making the payments and take the deduction. Payments made by the trust of your deceased parents should be reported on Form 1041.

Any individual seeking legal advice for their own situation should retain their own legal counsel as this response provides information that is general in nature and not specific to any person's unique situation. Circular 230 Disclaimer - Advice given in this response cannot be used to eliminate penalties with the IRS or any other governmental agency.