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Posted by Harlan Lunsford on January 23, 2007, 2:23 am
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>>> 3 adult siblings own a summer property together. They all
>>> put funds in an account under one of their names to cover
>>> costs. The property taxes are paid out of this account.
>>> Who gets to deduct the property taxes paid. 1/3 to each?
>>> The total to the one who is the account owner? All are
>>> liable , all put the same funds in the account, but only one
>>> is on the account. Thanks
>> Well, since they all three own the property, it must be so
>> titled, i.e. in all their names. therefore they split the
>> deduction. Doesn't matter where funds come from.
> Do people really get to deduct taxes they didn't pay?
>
> The fact that the taxes were paid _through_ a single account
> shouldn't matter, but the fact that their _source_ was each
> of the three people does.
Well DUH! Point of clarification.
"Well, since they all three own the property, it must be so
titled, i.e. in all their names. therefore they split the
deduction. Doesn't matter from which account the funds come
from, (added!) as long as they all pay their fair share."
there, that better?
ChEAr$,
Harlan Lunsford, EA n LA
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