The house is in my father inlaws name and he's in agreement with it, how do we claim it?
2006-12-27 07:10:49 · 5 answers · asked by sarah s 1 in Business & Finance ➔ Renting & Real Estate
If the mortgage that you are making payments on is still in your father in law's name, the 1098 from the bank will have his SSN on it. He will need to include a statement on his return stating that you have been making the payments therefore you will be taking the deduction, and the statement should include your SSN and name. Then on your return, you will need to attach a similar statement.
2006-12-27 07:14:55 · answer #1 · answered by jseah114 6 · 0⤊ 1⤋
No way at this point with out a quit claim deed that was back dated to Jan1 2005. But once recorded it triggers the due on sale clause in his deed of trust. So ask your father in law to figure his taxes with out the interest on your home and then figure it with and give you the difference. He can do this using round figures and should come out pretty close.
2006-12-27 15:15:22 · answer #2 · answered by golferwhoworks 7 · 0⤊ 0⤋
No you can't claim it because technically it isn't your house. Have your father in law claim it and then give you the $$$
2006-12-27 15:18:47 · answer #3 · answered by Anonymous · 1⤊ 0⤋
No. You cannot. The Government only looks at the title. They don't care who makes the payment.
2006-12-27 15:15:48 · answer #4 · answered by Anonymous · 0⤊ 0⤋
This is a sticky point. Ask a lawyer or tax expert. It doesn't seem like you can do this but a Tax Advisor (not a storefront franchise) would know.
2006-12-27 15:28:00 · answer #5 · answered by Anonymous · 0⤊ 0⤋