The house is under my sister's name but it is mine and i pay for the mortgage entirely. Is there any way i can write off the interest? [LEGALLY OF COURSE]
2007-08-29 13:25:47 · 3 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Is there any documentation that me and my sister can sign that will allow me to do so. Because she does not mind.
2007-08-29 13:34:51 · update #1
To legally deduct mortgage interest, you must meet 2 conditions.
1. You must be legally obligated to pay the mortgage. That means your name is on the mortgage, not necessarily the deed.
2. You must actually pay the mortgage. According the your question, you meet this test.
If your sister's name is the only one on the mortgage, and you make the payments, neither of you can legally take the deduction.
2007-08-29 14:51:19 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
If you hold the mortgage (the name on the mortgage bills is your's not your sisters) then the interest statement (1099) will come to you, in your name, and you can deduct the interest. And, if you get that statement, yes you can deduct the interest.
Otherwise, unless you have documentation indicating that you are the one paying the interest, no.
Sorry.
2007-08-29 20:32:04 · answer #2 · answered by cbmttek 5 · 0⤊ 1⤋
I think the only way you can legally take the interest write off is to "buy" the house from your sister so it is your name on the mortgage. Otherwise it is her write off.
2007-08-29 20:54:01 · answer #3 · answered by kristin 2 · 0⤊ 1⤋