Comments on: Property tax refund question for state of Minnesota? http://freeminnesotahomesearch.net/property-tax-refund-question-for-state-of-minnesota Just another WordPress weblog Fri, 30 Jul 2010 18:30:15 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Byrne H http://freeminnesotahomesearch.net/property-tax-refund-question-for-state-of-minnesota/comment-page-1#comment-844 Byrne H Tue, 09 Feb 2010 17:01:32 +0000 http://freeminnesotahomesearch.net/property-tax-refund-question-for-state-of-minnesota#comment-844 I would be careful about this one. If the IRS sees that ownership changed without money changing hands, and the result was a tax benefit, they might think you were doing something unethical. There isn't any specific reason that either one of you should be entitled to the $648. I mean, you're living in a house because of them, so presumably that money is a tiny fraction of the total benefit you get from this transaction. On the other hand, if they can afford to let you live in a house but can't afford to miss a few hundred dollars they didn't even see coming, something else is up. I would recommend that you agree to some split that will apply to this tax payment and all future tax payments from the house. You don't want to have this argument every year. I would be careful about this one. If the IRS sees that ownership changed without money changing hands, and the result was a tax benefit, they might think you were doing something unethical. There isn’t any specific reason that either one of you should be entitled to the $648. I mean, you’re living in a house because of them, so presumably that money is a tiny fraction of the total benefit you get from this transaction. On the other hand, if they can afford to let you live in a house but can’t afford to miss a few hundred dollars they didn’t even see coming, something else is up.

I would recommend that you agree to some split that will apply to this tax payment and all future tax payments from the house. You don’t want to have this argument every year.

]]> By: carsonkip http://freeminnesotahomesearch.net/property-tax-refund-question-for-state-of-minnesota/comment-page-1#comment-845 carsonkip Tue, 09 Feb 2010 17:01:32 +0000 http://freeminnesotahomesearch.net/property-tax-refund-question-for-state-of-minnesota#comment-845 If you make the payments then you pay the taxes so it's your refund, however, if you would have done your own taxes or payed someone to do them, you might not have filed a M1PR and you wouldn't be asking this question. I say give your dad money for doing your taxes for you about $220 is fair for a 1040 and a M1PR. If you make the payments then you pay the taxes so it’s your refund, however, if you would have done your own taxes or payed someone to do them, you might not have filed a M1PR and you wouldn’t be asking this question. I say give your dad money for doing your taxes for you about $220 is fair for a 1040 and a M1PR.

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