If I have a deed to the house but don't have the mortgage in my name can I still get the tax write off? I am paying the mortgage it is just in someone else's name.
2007-08-15 13:41:15 · 3 answers · asked by Blitz 3 in Business & Finance ➔ Taxes ➔ United States
You can deduct the property taxes since the deed is in your name but since you are not legally obligated for the mortgage payments you don't get the mortgage interest deduction. The person whose name the mortgage is in doesn't get it either as they are not making the payments.
2007-08-15 17:54:30 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You can only deduct items that you are required to pay. If you aren't on the mortgage, you are not legally required to pay it even if you are paying it, so you can't deduct the interest. Since the deed is in your name, you could deduct the real estate taxes though.
2007-08-15 14:01:58 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Only the person who legally owes the debt can deduct it. If you are not on the mortgage, then it is unlikely you legally owe the debt.
2007-08-15 14:02:27 · answer #3 · answered by CarbonDated 7 · 0⤊ 0⤋