I need the tax deduction more than my parents so they are willing to let me take the full deduction on my 1040.
2006-12-20 12:07:42 · 6 answers · asked by movin 1 in Business & Finance ➔ Taxes ➔ United States
The tax deduction is constrained by two things:
You have to be legally obligated to make the payments.
You have to actually make the payments.
Sadly, you cannot come to a voluntary arrangement with your parents to take the tax deduction. Well, not legally anyway.
2006-12-20 13:36:33 · answer #1 · answered by skip 6 · 0⤊ 0⤋
no, you cannot claim any deduction. your parents wont be able to deduct it either if you pay their mortgage.
2006-12-20 23:32:50 · answer #2 · answered by blahblahblah 3 · 0⤊ 0⤋
If you are not the owner of record, no, you can't.
You can buy the house from them, and allow them to live there though!
2006-12-20 20:10:50 · answer #3 · answered by Lion J 3 · 1⤊ 0⤋
Not unless your name is on the mortgage.
2006-12-20 20:24:27 · answer #4 · answered by Judy 7 · 1⤊ 0⤋
I suppose you could........under the table. If it's all in their name, it would ,more or less, be a deal between you and them........keep it to yourself. Otherwise, you'd have to buy the house,have clear title and deed, even then I don't think so, not for this year anyway. GOOD LUCK......LATER
2006-12-20 21:53:36 · answer #5 · answered by veteranpainter 4 · 0⤊ 2⤋
NO
2006-12-20 20:09:40 · answer #6 · answered by john e 2 · 0⤊ 0⤋