Anyone experience this or know of a recommendation?
Scenario:
- 3 Family members own a personal residence
- 1 of the family members pays the FULL AMOUNT (none paid by the other 2 owners) real estate tax due on the personal residence (he lives in it)
Question:
Can a taxpayer who is a 1/3 owner who pays the FULL AMOUNT (none paid by the other 2 owners) real estate tax due on the personal residence he lives in take the full amount as an itemized deduction?
Reference TB 4-8 REAL ESTATE TAXES states …..“r/e taxes are deductible as itemized deductions ONLY if the taxpayer owns the real estate …..”
It does not address if the 1/3 owner who pays the FULL AMOUNT will be able to deduct the FULL AMOUNT though there are 2 other owners (who pay no r/e tax and do not live in the personal residence)
Did I miss further information elsewhere in TB or do you know of any other reference source?
Thanks in advance
Scenario:
- 3 Family members own a personal residence
- 1 of the family members pays the FULL AMOUNT (none paid by the other 2 owners) real estate tax due on the personal residence (he lives in it)
Question:
Can a taxpayer who is a 1/3 owner who pays the FULL AMOUNT (none paid by the other 2 owners) real estate tax due on the personal residence he lives in take the full amount as an itemized deduction?
Reference TB 4-8 REAL ESTATE TAXES states …..“r/e taxes are deductible as itemized deductions ONLY if the taxpayer owns the real estate …..”
It does not address if the 1/3 owner who pays the FULL AMOUNT will be able to deduct the FULL AMOUNT though there are 2 other owners (who pay no r/e tax and do not live in the personal residence)
Did I miss further information elsewhere in TB or do you know of any other reference source?
Thanks in advance