My parents are going to be on title with me. Can I still qualify for the DC Homestead Deduction?
If you are buying a property in DC and otherwise qualify for the Homestead Deduction, you will still qualify even if your parents, who live somewhere else, are co-owners with you.
As a benefit to homeowners living in a property as their principal residence, the DC Homestead Deduction subtracts $69,100 from the assessed value of the property before real estate taxes are calculated.
As long as you are a co-owner and will live in the property as your principal residence and will be domiciled in DC, the fact that your parents are also co-owners but are not living in the property will not matter.
You will be the applicant and will sign the form. You will need to include your parents’ names and social security numbers on the form, but they do not need to sign the form.
Related Articles
Why Paper Checks Don't Pass the Closing Test
Why title companies require wire transfers over cashier's checks at closing, and how to protect yourself from wire fraud…
Official-Looking Mail vs. Your Wallet: A Scam Spotting Guide
A guide to spotting two common scams targeting new LLC owners and homeowners — fake annual report fees and deed copy sol…
More Than a Closing Company
When a last-minute gas service issue threatened a closing, Federal Title's attorneys stepped in to protect the buyer whi…
Ready to Get Started?
Get a guaranteed quote from Federal Title — attorney-led, consumer driven since 1996.