A mortgage is in my in-laws name I pay the mortgage with personal check. What can I get back for the payment?

Answer 1

I've been audited for the very same reason! Your payments toward the mortgage entitle you to interest and tax writeoffs. The auditor told me that so long as I had proof that I made the payments that I was entitled to this writeoff. If your in-laws refinanced for that fiscal year, you may be able to writeoff the points on the loan as well (at a prorated amount).

If your in-laws are claiming the writeoff themselves, then you can opt for "renter's credit" (which is state) and name the inlaws as your landlords. In this case, you're a tenant and that's the best you can do.

If your relationship is candid and open, I would have your in-laws present a scenario to their tax man that they're renter's and you're the owner.

The user below me stated that I was blowing smoke. I went throught the experience and am stating that I went there. His claim was that I "...lucked out with an idiot for an auditor if he allowed your deduction."

Answer 2

Nothing. You are not legally obligated for the mortgage payments and do NOT qualify to take the interest expense deduction. Since your in-laws didn't make the payments, they don't get the deduction either. To get the deduction you must be legally obligated for the payments (you're not) and actually make the payments (they didn't).

The poster above me is blowing thick, white smoke.

All you get back is your canceled checks. Sorry, but that's the cold, hard truth.

Answer 3

IF the mortgage is in their names , THEY own the house & you are RENTing.
that is simple law , you get the canceled checks, sorry. NO tax decuctions cause you don't own it.

Answer 4

first are you looking for payment from them? an if your paying the mtg you can get a bigger tax deduction when you file your taxes because mtg intrest is tax deductable