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?I have tried to Google this topic for an answer and haven't succeeded. I suspect the answer is no, but you never should speculate on taxes. I presume there are several on this board who know the answer.brucedoe
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra