2007-09-30 21:02:36 · 7 answers · asked by dario n 1 in Business & Finance ➔ Taxes ➔ United States
"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."
My reading tells me that you may not, but since your name is on the title, review the IRS link below:
2007-09-30 21:08:51 · answer #1 · answered by Jeff H 5 · 0⤊ 0⤋
Is it a loan on your home? Your name may not be in the title, but does the loan agreement mentions you as co? Here is text from Publication 936.
"More than one borrower. If you and at least one other person (other than your spouse if you file a joint return) were liable for and paid interest on a mortgage that was for your home, and the other person received a Form 1098 showing the interest that was paid during the year, attach a statement to your return explaining this. Show how much of the interest each of you paid, and give the name and address of the person who received the form. Deduct your share of the interest on Schedule A (Form 1040), line 11, and print “See attached” next to the line."
2007-09-30 23:42:27 · answer #2 · answered by MukatA 6 · 0⤊ 0⤋
No you may not. You must be legally obligated to make the payments and you must actually make them in order to take the mortgage interest deduction. Since your name is not on the loan, you may not take the deduction. Additionally the person whose name is on the loan may not take the deduction either as they did not make the payments.
Since your name is on the title, you MAY take the property tax deduction, however.
2007-09-30 22:53:49 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
One danger no person has mentioned so for is: He would have a great credit status in his very own ideal. If his call is on the deed to the domicile, it rather isn't any longer yours, it rather is the two yours and his. reckoning at this form of joint possession, he are able to get loans against the domicile devoid of your signature. in case you acquire finished possession of the domicile interior the divorce, his call would desire to have been removed from the deed. The interior sight place of work that documents deeds can show you how to recognize if his call is on the deed, this form of joint possession, and if any added liens have been filed on the domicile. credit bureaus are meant to maintain separate credit documents for each of you. If he is going bankrupt, it is going to in basic terms influence you to the quantity that together owned sources are affected. If the home is the sole joint asset, and you're keen to anticipate finished duty for all funds owed secured via the domicile, your credit should not be broken. it rather is probably properly worth it gradual and funds to have an lawyer evaluate the placement and be certain the place you stand.
2016-12-28 08:32:20 · answer #4 · answered by ? 3 · 0⤊ 0⤋
No. You can only deduct mortgage interest that you are legally obligated to pay. If you aren't on the mortgage, then you aren't legally obligated to pay it even if your name is on the title and you are actually paying the payments.
2007-10-01 05:09:56 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
matters who is on the title and who is making the payments.
your spouse- filing jointly? it doesnt matter. you get to deduct
parents-
claiming them as dependent- should be able to i think
not claiming them- no you cant even if you are making the payments. this goes for others too. your payments might be a gift which you could pay extra gift tax on over 12K or 24K if married, or maybe even income on their part and they would pay taxes on that amount.
again, check with a professional, this is just my guess.
2007-09-30 21:30:04 · answer #6 · answered by tx askerrrr 2 · 0⤊ 1⤋
You don't have a mortgage if your name isn't on it.
2007-09-30 21:13:00 · answer #7 · answered by Expert8675309 7 · 0⤊ 0⤋