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- Jan 28, 2012
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My Dad left me a condo in Florida that was quick claimed to me in (2001) and tied a life estate to it. I wasn't aware of this until his death in 2007. I have been claiming it on my taxes since his death as a rental (I live in CT) and also a Realtor. I was recently challenged that I cannot take the deduction of the condo because my Dad quick claimed to me and had a life estate in the property. I was told that since I have it rented I can take those expenses for upkeep, maintenance, etc. but not for the condo itself.
A new arena for me and would love some input from the greater minds than mine on this subject. My appreciation to your responses in advance.
A new arena for me and would love some input from the greater minds than mine on this subject. My appreciation to your responses in advance.