Legal Question in Tax Law in California

Real Estate and Federal Income Taxes
This last year, my father has been paying the mortgage on my house, while I have been in grad school out of state. I didn't make more than $9000. Is there anyway for us to get any of the interest back at tax time? I am also considering getting a job out of state, and plan to keep the house. What are the tax implications with this?

Thanks!

Asked on 12/12/06, 8:10 pm

Donald Field Donald L. Field, Jr., Attorney at Law

0 users found helpful

0 attorneys agreed

Re: Real Estate and Federal Income Taxes

for rules on deductibility of home mortgage interest see:

http://www.irs.gov/publications/p936/ar02.html#d0e188

for information on treatment of rental income and expense see:

http://www.irs.gov/publications/p527/index.html

but keep in mind that if the property is not your residence, you may lose the $250,000 exclusion from capital gain on sale.

see:

http://www.irs.gov/publications/p523/index.html

for more information regarding your specific situation, consult a tax attorney or cpa.

Answered on 12/13/06, 11:21 am

Keywords

Match Any Match All

Country

State

Area of Law