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    KThornton's Avatar
    KThornton Posts: 1, Reputation: 1
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    #1

    Nov 21, 2011, 07:54 PM
    Deduct property taxes
    Can I deduct the property taxes on a home I'm holding the mortgage. Buyer cannot make mortgage and tax payments and I have to pay $8,000 in property taxes or lose the home.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Nov 22, 2011, 01:41 PM
    No, not unless the house is also titled under your name as well as the mortgage holder.

    For taxes to be deductible, you must have a LEGAL OBLIGATION to pay the taxes as an owner of the property.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Nov 22, 2011, 04:01 PM
    I am sorry no, if they are not making those payments, why have you not foreclosed on them, I will assume your loan allows you to do so if they are not paying taxes or payments.

    At this point you are giving them gifts paying the taxes and not forcing them to pay or foreclose on them.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Nov 22, 2011, 05:15 PM
    I agree with Fr Chuck. Unless the person is a CLOSE relative, you need to foreclose.
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