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Posted by Paul Thomas on August 5, 2007, 4:16 pm
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> I own a house. My son lives with my wife and me. I derive
> no income- tax benefit to deducting the real estate taxes.
> Rather than pay rent, I've asked him to pay the real estate
> taxes. Can he deduct the real estate taxes on his income
> tax?
Only if he actually pays the property tax - and - he is
liable for those taxes. Meaning he must have his name on
the property tax bill. If it's worth it to you, talk to a
real estate attorney about how to do that, and any pitfalls
because of it.
--
Paul A. Thomas, CPA
Athens, Georgia
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