I recently got divorced in Aug. 2006 (on California) and I agreed to him having the house, I signed off on the house deed to take my name off, he promised verbally to refinance (not in the divorce papers) and has not, he is making all the mortage payments (hopefully on time) however we are BOTH on the loan and BOTH responsible for the payment-do I have the right to claim half of the interest on my income taxes?
2006-11-30 03:10:00 · 4 answers · asked by megs83179 1 in Business & Finance ➔ Taxes ➔ United States
No you do not get the deduction as you did not make the payments, with the possible exception of any payments you may have contributed to prior to the divorce becoming final. But you may have a greater issue if your name is still on that loan. You remain liable for that loan. If he were to remarry and get killed you could be making the payments for his new wife to live in their house. That is a worse case situation the more likely thing would involve his making late payments that would reflect on your credit report. I would suggest that you first discuss it with your ex followed by a call to the lender for the home mortgage and your attorney.
2006-11-30 03:23:53 · answer #1 · answered by ? 6 · 3⤊ 0⤋
And I will modify the previous answer only slightly. You are entitled to deduct the interest for the period of time you resided in the house and contributed to the mortgage payments.
2006-11-30 03:21:09 · answer #2 · answered by yes_its_me 7 · 4⤊ 0⤋
No. To deduct something you must be responsible for it and pay it. Since you are not paying it he gets the deduction. That is the law and it is fair.
2006-11-30 03:14:17 · answer #3 · answered by spicertax 5 · 0⤊ 0⤋
Even though you are still liable, you are not paying it. So, No, you can not take the deduction.
2006-11-30 03:22:00 · answer #4 · answered by Wayne Z 7 · 0⤊ 0⤋