I bought a house in CS for my daughter and her roomates to live in. She's obviously over 18.

Can she file a homestead exemption for that house? She will be living there for 3 or more years (depending on grad school location).

Does she have to own part / all of the house?

Would she need to file a separate tax return?

I'm sure someone on this board has contemplated this, and wanted to check this knowledge base before getting buried with ads during my own research.

After cursory research, this is correct. Thank you.

I might give her the title of the home when I refinance if interest rates ever come down, but we definitely didn't have time to find a mortgage lender who would agree to that in this interest rate environment. I'm sure that we probably could if we had more time.

Will have to run the numbers on interest savings over tax savings.

You could owner finance it to your child? They get the experience of being a landlord.

SteveBott said:

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Call the title company you closed with an ask them is there anyway to add her to ownership.

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https://comptroller.texas.gov/taxes/property-tax/exemptions/#:~:text=To%20qualify%20for%20the%20general,in%20or%20outside%20of%20Texas.

Quote:

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Tax Code Section 11.13(b) requires school districts to provide a $40,000 exemption on a residence homestead and Tax Code Section 11.13(n) allows any taxing unit to adopt a local option residence homestead exemption of up to 20 percent of a property's appraised value. The local option exemption cannot be less than $5,000. Tax Code Section 11.13(a) requires counties that collect farm-to-market or flood control taxes to provide a $3,000 residence homestead exemption.

To qualify for the general residence homestead exemption an individual must have an ownership interest in the property and use the property as the individual's principal residence. An applicant is required to state that he or she does not claim an exemption on another residence homestead in or outside of Texas.

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It appears this may work. Will keep you guys posted.

It is my understanding that partial ownership would get partial homestead exemption.

Example: I know someone who inherited a property. He lives there - his 2 sisters do not, but all 3 own it. The appraisal district only allowed him to claim a 1/3 exemption.

That said, I'm not a tax professional & this is hearsay.

schwack schwack said:

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It is my understanding that partial ownership would get partial homestead exemption.

Example: I know someone who inherited a property. He lives there - his 2 sisters do not, but all 3 own it. The appraisal district only allowed him to claim a 1/3 exemption.

That said, I'm not a tax professional & this is hearsay.

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1/3 homestead is still valuable. Right now I am checking with the mortgage company to see if there may be a hitch there. Will report back.

Quote:

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1/3 homestead is still valuable.

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Absolutely something is better than nothing.

Rick Perry did this while he was governor. He had already sold all his property since he lived in the governors mansion. He bought a house for his daughter in College Station and that was his homeowners exemption. Fun fact- he wasn't even living inThe governor's mansion, it was under renovation and the state put him up in a nice rent house up in the hills. And don't forget that he was a state employee so long that he was able to retire from the state while drawing his governor's salary. He is the epitome of a sleezy politician.