Posted on: 03rd Jan, 2011 01:26 pm
My husband and I paid to have my in-law's property subdivided into 3 lots in May 2010. (Lot 1 with primary residence, Lot 2 and Lot 3) After that my MIL and FIL quitclaim deeded Lot 2 and Lot 3 to my husband and I in June 2010. We have submitted and recorded everything with the county. My husband and I also paid 3 years worth of back taxes on all of the properties (paid December 2010). Can we claim those on our taxes? Also, what do they need to file and what do we need to filed concerning the lots that were quitclaim deeded? We are not selling the lots and are actually about half way through the process of building a home on Lot 2.
Hi LM!
Welcome to forums!
If your name is mentioned on the property deed, then you'll be able to claim the property taxes on your tax returns. Nevertheless, you should contact a tax adviser and he will be able to assist you in this matter in a better way.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your name is mentioned on the property deed, then you'll be able to claim the property taxes on your tax returns. Nevertheless, you should contact a tax adviser and he will be able to assist you in this matter in a better way.
Feel free to ask if you've further queries.
Sussane