I bought a house in Arizona in 11/2005 with my now ex-wife and myself on it. when I got divorced I re-did the loan with only my mothers info in Feb of 2006 in fear that the ex might try to take my house away or seek for $. As far as teh ex-wife goes that's not the concern. The concern is that I want to see if tehre is a way where i can report the intrest for my 2007 taxes under my name even though the entire thing is under my mother's info. I cant put it under my name yet cuz my credit isnt that good. Ive heard of "quit claim" and that i can report it under my name as long as only one of us (my mom and I) reporst it. Please help It's like over 20K in interest
2007-11-07 07:48:44 · 4 answers · asked by jd101g 2 in Business & Finance ➔ Taxes ➔ United States
Who owns the property? Who pays the loan interest? Unless the same person is the answer to both questions, no one can deduct the interest.
For example, if you pay the interest, but the loan is in your mother's name, nobody can deduct the interest.
2007-11-07 08:40:04 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
No, you can not claim this interest unless your name is on the loan.
2007-11-07 08:22:43 · answer #2 · answered by darebrewer 1 · 0⤊ 0⤋
No, if your name isn't on the loan, you aren't legally obligated to pay it, so can't deduct it even if you are making the payments.
2007-11-07 10:11:05 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
when the l099 is issued with interest paid, it will not have your social security number on it. If it did, you could report it because the IRS looks at numbers, not names so much.
2007-11-07 08:53:55 · answer #4 · answered by DeeDee 6 · 0⤊ 0⤋