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Financial Planning / Tax Strategies
|Subject: Re: Payments On UnOwned Property||Date: 10/1/2013 1:09 PM|
|Author: TMFPMarti||Number: 119233 of 122524|
My wife gifted her rental summer home to her youngest son. It turns out that the official date was December 28th, 2012, but this was not official to us until months after the fact because ,when we checked the ownership online, we got my wife as the owner. In the meantime, my wife paid insurance, taxes, utilities, and other expenses on the cottage.
When the ownership of the property became official to us, the son took over paying the expenses, but is my wife allowed to take what she paid as a business expense even though she didn't own the business?
A couple of things are missing from your narrative.
1. What do you mean by "It turns out" that the transfer date was 12/28? The property transferred itself? Why didn't she know when the property was transferred?
2.Why did your wife continue to make payments regarding a property that she had deeded to her son?
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