How can my son deduct my real estate taxes?

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? If not, what can I do so that he can? The house is worth about $250k, can I gift (or sell) him a 4% stake in the house so that he is now a partial owner? He's going to inherit the house when we die anyway.

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Reply to
NadCixelsyd
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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

Reply to
Paul Thomas

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