I live in my mother's house (she doesn't), and I pay the mortgage, interest and property taxes. The property taxes average about $2,500 a year. Would I be able to use that as a deduction, even though the house is in my mom's name?
2007-03-27 04:30:37 · 8 answers · asked by Shoddy 2 in Business & Finance ➔ Taxes ➔ United States
You cannot claim the deduction if you are paying the mortgage interest and taxes on property that is in your mom's name. She won't be able to either if you are paying the mortgage company directly. The only way you can claim these deductions is if you own the home and are paying them yourself. Unfortunately in this situation no one can claim those deductions.
2007-03-27 05:05:36 · answer #1 · answered by Texas Girl 3 · 2⤊ 1⤋
Unfortunately, as you described it, you can't claim the mortgage and tax payments on your taxes as mortgage interest and property tax payments.
You could be in a position to claim these payments as rental payments for your dwelling if you paid your mom for all of this. She would have to claim that as income in turn though.
See if you can set up an agreement with your mom for rent equaling what you pay for mortgage and property taxes. It may help you out.
2007-03-27 14:00:25 · answer #2 · answered by Just Me 6 · 1⤊ 1⤋
I order to claim these ded uctions you would have to be on the title to the property and on the mortgage note showing it as your obligation.
I would consider your apyments of these items as being a gift to your mother, not taxable to her. She would then claim the deductions on her return.
Much more tax experience than the others attempts at answering this question.
2007-03-27 12:20:20 · answer #3 · answered by waggy_33 6 · 1⤊ 3⤋
Have a concern that your payments on your mom's behalf could be considered rental income to mom. You are in her house and could be viewed as paying her rent by you paying her bills. I do not see a difference between you paying her and then having her pay her bills versus you paying them directly.
You may want to investigate.
2007-03-30 18:21:04 · answer #4 · answered by zudmelrose 4 · 0⤊ 0⤋
It wouldn't do you any good to even claim the mortgage int. unless it beats your standard deduction which for single is $5150.
2007-03-27 12:01:24 · answer #5 · answered by momzadork 3 · 0⤊ 1⤋
You can't unless your name is on the loan. You can only deduct expenses for which you are legally liable.
2007-03-27 20:00:44 · answer #6 · answered by Judy 7 · 1⤊ 0⤋
You must be legally liable for the loan. You cannot deduct payments you make for someone else if you are not legally liable to make them. Both you and the lender must intend that the loan be repaid. In addition, there must be a true debtor-creditor relationship between you and the lender.
http://www.irs.gov/publications/p936/ar02.html#d0e750
Sorry, my initial answer was wrong.......
Good Luck & Bless
2007-03-27 11:44:39 · answer #7 · answered by Wood Smoke ~ Free2Bme! 6 · 0⤊ 3⤋
Go to www.irs.gov
2007-03-27 12:53:51 · answer #8 · answered by Anonymous · 0⤊ 0⤋