I live with my parents and we both split the mortgage and taxes. Can I claim on my taxes the mortgage interest and taxes that I paid in 2006? The home is under my fathers name and there is absolutley no way he could make the payments himself( we live in california).
Thank you for your help
2007-02-09 03:45:51 · 5 answers · asked by rudolph_barton 2 in Business & Finance ➔ Taxes ➔ United States
No you can not deduct the mortgage interest that you paid, You must be legally liable for the debt to qualify for the deduction
Publication 936
http://www.irs.gov/publications/p936/index.html
2007-02-09 03:49:17 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You need to file a tax return. In your case you would also have a schedule E for your two rentals. It is a requirement. It is likely you would not have income on the rentals as the mortgage interest, property tax and depreciation expense (which you must take) would exceed the income from the rentals. If you do not file, the IRS will assume income (from the 1099 mortgage interest reported to them) and send you a computer generated letter asking for a return. It is also advisable to file because you may sell a property in the future and a base price (basis) should be established by filing. Again, you will not owe tax, and you will not have an open year if you file.
2016-05-24 01:17:10 · answer #2 · answered by ? 4 · 0⤊ 0⤋
No, you cannot claim the mortgage interest paid on your taxes. However, your father can claim the mortgage interest paid when he itemizes his deductions. Then, you can figure out how much is deducted from your father's total taxable income. The reason you cannot claim the mortgage interest on your 1040 is because the mortgage isn't in your name. Then, he can write you a check for the difference. I know this to be true on the federal tax forms.
Hope that helps... any more questions, you can always call the IRS office. They can often times be helpful.
2007-02-09 03:55:32 · answer #3 · answered by T-Ball 4 · 0⤊ 1⤋
you cannot claim as that is not in your name. if you want furthur details go for the online efiling sites.
you may be interested in some of the Tax Prep Deals I found that saves some money on tax prep services online
2007-02-09 23:23:16 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Unless your name is on the loan so you are legally responsible for it, you are not allowed to deduct the interest even if you are the one paying it.
2007-02-09 04:36:53 · answer #5 · answered by Judy 7 · 0⤊ 0⤋