Deduct property tax?

#3 04-05-2005, 08:15 AM

Bill wrote:

- quote -

> Petepenguin[at]webtv.net (P=A0T) asked:
> > It is my understanding that I may deduct the
> > property tax on the home I live in.

> Yes, if you itemize.

> > My father died last year. My brother and I
> > have not yet liquidated the estate; his house
> > stands vacant. We each paid 50% of the
> > property tax last year. May I deduct this?

> No. This is properly treated as an expense against the
> estate. If you don't already have advisers on this matter,
> you and your brother should consider getting an expert
> opinion on the handling of the estate, under the laws of
> your state. IRS issues should also be discussed.

Wrong. Certain expenses against the estate are ALSO
deductible for income tax purposes. See IRC 691(b).
However, note their effect on the estate tax deduction for
IRD in IRC 691(c) or (d).

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#2 04-05-2005, 08:15 AM

P T wrote:

- quote -

> It is my understanding that I may deduct the property tax on
> the home I live in.
> My father died last year. My brother and I have not yet
> liquidated the estate; his house stands vacant. We each paid
> 50% of the property tax last year. May I deduct this?

Only if you are the ones who inherited the property (or were
an executor to the estate). Otherwise, you weren't liable
for the amount and therefore no deduction.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

#1 04-02-2005, 03:09 AM

Petepenguin[at]webtv.net (P=A0T) asked:

- quote -

> It is my understanding that I may deduct the
> property tax on the home I live in.

Yes, if you itemize.

- quote -

> My father died last year. My brother and I
> have not yet liquidated the estate; his house
> stands vacant. We each paid 50% of the
> property tax last year. May I deduct this?

No. This is properly treated as an expense against the
estate. If you don't already have advisers on this matter,
you and your brother should consider getting an expert
opinion on the handling of the estate, under the laws of
your state. IRS issues should also be discussed.

Bill

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

04-02-2005, 02:50 AM

"P T" <Petepenguin[at]webtv.net> wrote:

- quote -

> It is my understanding that I may deduct the property tax on
> the home I live in.
> My father died last year. My brother and I have not yet
> liquidated the estate; his house stands vacant. We each paid
> 50% of the property tax last year. May I deduct this?

Who owns the house? You and your brother? If yes then yes.
If the estate owns it then no.

--
Regards,

Mark Rigotti

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

#-1 04-01-2005, 09:41 AM

It is my understanding that I may deduct the property tax on
the home I live in.

My father died last year. My brother and I have not yet
liquidated the estate; his house stands vacant. We each paid
50% of the property tax last year. May I deduct this?

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

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