Welcome Guest. Register Now!  


Homeowner Tax Home owner tax issues and rebates.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-08-2013, 11:43 AM
Junior Member
 
Join Date: Apr 2013
Posts: 1
Newbie rental home questions

When my grandmother passed away roughly 22 years ago, she left her house in Tennessee to my mother. My mother continued making payments on the house and completely paid off the mortgage. About 10 years ago, she had my name added to the house, and both her and my name now show as the owners of the property on the assessor’s website. Since my grandmother passed away, my parents have been using this house as a rental property. I’m fairly certain that they have never paid taxes on the rental income, which I know is a big bad.

My mother passed away two years ago, but my father continues to rent the house out. My father’s name is not on the house, but her name still is. The current tenants have lived there for a number of years, and there is no current lease. The tenets simply pay the rent month to month, which has always gone to my parents in the form of money orders. There was a lease for their first year, but my name has never been attached to any lease paperwork for the house. Neither my father nor I live in Tennessee. Aside from this house, I am not a homeowner.

My father and I have an agreement that he will continue to rent the house for the income, and when he passes away, I can sell the property. During this time, my father will continue to handle the annual property taxes and insurance on the house along with any maintenance issues.

So, this leads me to a few questions:

1 - Given the process that my name was added to the house, does my father currently have any legal claim to ownership?

2 – Was there ever a situation (my name being added to the home, my mother passing away, etc…) where I had a tax responsibility toward ownership of the property?

3 – Who would be ultimately responsible for the tax generated on the rental income?

4 – Is my ownership of the house helpful in any way towards my taxes (i.e. deductions, assets, etc…)?

5 - Understanding that may not happen for a significant amount of time, what will my tax responsibilities be upon selling the property?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 06-01-2013, 12:16 AM
Junior Member
 
Join Date: May 2013
Location: New York,USA
Posts: 10
Well you don't to anxious as much. The property is ultimately legalized to your name when your mother passed away. If your father is renting it out so you also have the share in the renting amount as far as you are get it or not.

Please make me suggestions and visit:
conveyancing Brisbane


Last edited by Thomas Jacusy : 06-06-2013 at 06:53 AM.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Newbie Here! SamanthaA Announcements 2 10-26-2014 02:32 PM
Tax questions on a gift of rental property billybgame Rental Real-Estate 7 04-08-2013 10:14 AM
Sale of a Rental First Used as a Home Eddo Rental Real-Estate 0 03-30-2012 11:46 PM
My Home is Now Mostly Rental thailen Rental Real-Estate 0 04-11-2011 05:14 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.