Will I be legally obligated to my husband's property if we write off the interest paid on it our joint tax...?

Question

My husband owns a house. He owned the house prior to our marriage. He paid a substantial amount of interest on the house in 2006. He did not work in 2006 so we are using my W2 to get back the interest he paid in 2006 on our joint tax return. Does this legally bind me to this house in any way? I am not on the bank note or deed and do not want to be legally tied to the house. Can you include your sources when answering please? Thank you.

Answer 1

Okay, here's the deal. The mortgage interest becomes part of the itemized deductions on the tax return. Perfectly legitimate. The income you're being taxed on is reduced by the amount of itemized deductions.

So, you're not getting any of the interest paid in back from the mortgage company, you're asking for a reduction in taxable income based on the amount of allowable living expenses you had for the year. Still perfectly legit.

Using your income from the W-2 is right, and if he'd had a W-2 for 2006, you'd add the wages and so on from both to determine the amount of income you show on the tax return.

If he drew any unemployment in 2006, he'll need to show that on the tax return as well.

If your name isn't on the deed, you aren't tied to it unless you live in a community property state.

I do hope this answer helps explain things.

Answer 2

No, claiming the interest on your joint return does NOT obligate you for the mortgage or give you any rights to the home at all.

No source is needed. If your name isn't on the mortgage or the deed, nothing can be done to obligate you or grant you any rights to the property merely by claiming the mortgage interest on a joint tax return.

If you wished to, the bank MIGHT allow you to be added to the mortgage but this cannot be done without the consent of all three parties -- you, your husband, and the bank.

Your husband could add you to the deed, even without your consent, but that would only grant you property rights to the house. It would not obligate you for the mortgage, however.

Answer 3

No it does not legally make you obligated to the mortgage.

And if you are Itemizing your deductions, you are reducing your taxable income by claiming the mortgage interest as an itemized deduction, you are not getting the interest money back.

You have a choice to itemize your deductions or take the Standard deduction, you can not do both

Publication 936
http://www.irs.gov/publications/p936/index.html

Answer 4

no.reason is because the house was bought before the marriage and is still considered separate property even thought you paid partial the payment would be considered marital but the property no. the only way to turn the house into where it would then be marital property is if your husband would happen to change the title of the house on yours and his name.