morgage interest question?

Question

My home loan is in my mothers name, but im on the deed. I pay the morgage from my bank account and the property taxes. Why cant i claim the morgage interest and im the one paying it . Why cant i claim it and i paid it the Irs is depriving me of claiming interest that i paid .It doesnt seem fair .My mother doesnt claim it because she is retired. how can i claim this doesnt seem right

Answer 1

It would help to discuss this with your accountant as many states have varying laws. What state are you in?

Answer 2

i'm a economic consultant, and it is unlawful to furnish economic suggestion like this without being authorized. i will enable you comprehend what I did however. I took an activity basically very own loan (you basically pay the activity generated not the capital volume) and offered a flat in elect of protection. Did the placement up over a three hundred and sixty 5 days and offered for a 14000 pound (British) income. activity basically is a competent selection for me as i had to maintain my expenses down over the three hundred and sixty 5 days. If I had chosen Capital and activity (additionally stated as a reimbursement very own loan) then i might have been interior the situ you describe. to that end the month-to-month fee might have been greater high priced to me as i might have been paying the two the activity generated and a small share of the unique capital I borrowed. whilst promoting you telephone the internal maximum loan company and ask for a freelance discern, whereupon they are going to upload the capital volume techniques-blowing to the activity due as much as the date you have chose to pay off, so if I borrowed (activity basically)a hundred 000 i might might desire to pay off a hundred 000 plus say approximately 3 hundred with became approximately one months activity. If I had chosen C&I then i might pay off something like 999 800 plus a month or so's activity. i've got only examine what Shiba says and that i might agree too, it incredibly is a complicated marketplace. Questions might desire to be asked at each point alongside the way, something you do not comprehend untill you completely comprehend. The brokers job is to discover you a competent very own loan so make helpful he's not a tied agent - you're prob greater beneficial with an autonomous consultant and additionally to describe issues in a manner which you comprehend. in case you do not then the brokers a bad broking provider - get yet another one.

Answer 3

Only the person responsible for paying the mortgage debt can take the mortgage interest deduction. Ask the mortgage company how your name can be added to the mortgage, or refinance the house and get a new mortgage in your name.

Since you own the property you can take the real estate tax deduction.

Answer 4

This is something you will want to take to a CPA in your area, but the fact is the loan is in your mother's name, not yours. You are on deed, but that only gives you first right to the property should she die. This gives you the right to either sell the property or you will then have to take-out financing in your own name if you wish to keep it.

Answer 5

Talk to a professional tax accountant, he/she may know a way to do this.

Unfortunately, the interest on the loan is reported to the IRS under your mom's SSN. The IRS will likely say, "How do we know that you actually paid it?"

Not fair, but taxes rarely are.

Answer 6

You cannot because it is not on your credit. What is your rate on the house? I have some great refinance loans that might be an option for you. Let me know if I can help!