Legal Question in Real Estate Law in Illinois

If I become a co-signer on property whose mortgage has been paid off, only yearly taxes remain, will that liability count against me during tax time? i.e. Will I have to pay more taxes just by being a co-owner of a property (I will not be making payments for this property)? And Will the yearly property taxes and maintenance fees from this property be counted against me during credit checks for example when making large purchases (car, etc)?


Asked on 7/23/15, 6:48 am

1 Answer from Attorneys
Stephen Messutta

Real estate taxes are deductible for both federal and Illinois income tax purposes if you actually pay them. If you do not pay them, that does not increase your income tax liability on its own. Your credit would only be affected if the failure to pay is reported to the credit reporting agencies, and normally simple non-payment of real estate property taxes or monthly assessments are not reported.

Read more
Answered on 7/24/15, 10:35 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in Illinois