Posted on: 29th Oct, 2010 10:55 am
hello
my father-in-law completed a quit claim deed to my wife (after we were married). it was her primary residence for several years, then we moved into a house and now started renting the unit. there is/was no mortgage so we have been paying the property taxes.
we did not file a report on our tax return, was this a mistake, and if so, it it correctable w/o penalty?
i can't tell from reading other posts if only he was required to file the irs form or if we were required to file one as well.
thank, you!
my father-in-law completed a quit claim deed to my wife (after we were married). it was her primary residence for several years, then we moved into a house and now started renting the unit. there is/was no mortgage so we have been paying the property taxes.
we did not file a report on our tax return, was this a mistake, and if so, it it correctable w/o penalty?
i can't tell from reading other posts if only he was required to file the irs form or if we were required to file one as well.
thank, you!
It would have been better if you could have reported it in your tax returns. You should contact a tax adviser and take his opinion in this matter. He will guide you further in this regard.