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Deductions on 2nd home (part owner)

An adult child is co-owner of a home with her parents. The daughter is on the deed and tax appraisal records. She is married and files jointly. The parents do not earn enough to itemize and have not claimed the deductions for taxes & interest for the past six years. She has never claimed any deduction for the interest or taxes on the co-owned home.

1) Can she claim the deduction (presumably, yes)?

2) If so, how much? Is it one-third of the total taxes/interest -or- is it proportional to the amount she paid each year? In 2005, she paid ALL the notes.

3) If so, how far back can she claim these deductions and file amended returns? Returns for 2005 were already filed and refund issued to the daughter and husband.
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Reply to
Glenn
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"Glenn" wrote

She can only claim the taxes and interest ~she~ actually paid in that year.

Then she can claim the mortgage interest and property taxes for that year - 100%.

It depends on how much of the house payments she made in each year.

You can amend 2005, 2004 and 2003. Any years earlier than that are lost.

-- Paul Thomas, CPA snipped-for-privacy@bellsouth.net

Reply to
Paul Thomas, CPA

Only those expenses (mortgage interest and/or taxes) that she actually PAID.

If she paid it all, she claims it all. If not, she only claims the part that she (personally) paid.

Three years, 2003, 2004, and 2005

Reply to
Herb Smith

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