? Parents house was transferred over to child in 2008.====>
? I guess ,say,aslongas the parents signed over their house deed to the child?s name. then, this trigger the gift tax; I mean a gift tax return should have been filed, but no, the gift tax itself almost certainly wasn't triggered. In 2008, each of the parents would have had to give away more than $1 million in their lifetimes before gift tax would be owed. The gift tax exemption limit has since been raised to more than $5.12 million,I guess.
?
?
?
Parents now deceased in current year and house in still in child?s possession and is empty. Can you deduct expenses on schedule E such as real estates taxes paid by child?=====>>then,yes. Say, the child was gifted the property in 2008. It was a rental property or saynused as a rental at the time and has continued to be rented since.
Then, the child can and should claimeven depreciation re taxes paid by the child on your rental property. |