Posted on: 06th Mar, 2009 02:16 pm
I have added my Mother -n- law to the Title since she is helping with 50 % of payments. she is over 65, lives with us and this would be her primary residence and only homestead exemption. Now fort bend county apprasial distict wants me to fill out an undivided interest form. does the percentage of proprty owned have any bearing on her tax exemption?
Hi prios
If the property is considered as primary residence for both of you, then the undivided interest form will not have any bearing on your mother-in-law's tax exemption. However, I guess, you will have to apply for a separate taxation on a form furnished for that purpose along with proof of your ownership and of the proportion of interest compared to the whole. I would suggest you to contact a tax adviser and take his opinion regarding this issue before filling out the undivided interest form.
Thanks.
If the property is considered as primary residence for both of you, then the undivided interest form will not have any bearing on your mother-in-law's tax exemption. However, I guess, you will have to apply for a separate taxation on a form furnished for that purpose along with proof of your ownership and of the proportion of interest compared to the whole. I would suggest you to contact a tax adviser and take his opinion regarding this issue before filling out the undivided interest form.
Thanks.