Posted on: 14th Sep, 2009 02:25 pm
my building was co-own by my dad and my uncle. the loan is in their name. before my dad passed away, he transferred the property to me. i got my name on the deed now. however, in order to get on my name on the 1098, i have to refinance which i'm reluctant to do even when i'm paying the mortgage.
last year, i was able to put it on through turbotax. but when i went to an accountant, he said i can't.
so, can i still claim mortgage credit on my tax return if i got my name on the property and are paying the mortgages but just not on the 1098 year end statement?
thanks,
amy
last year, i was able to put it on through turbotax. but when i went to an accountant, he said i can't.
so, can i still claim mortgage credit on my tax return if i got my name on the property and are paying the mortgages but just not on the 1098 year end statement?
thanks,
amy
You accountant is correct
You will not be able to claim tax credit. This may trigger a audit from IRS which could be a bigger plan
Bestw thign you can do is refinance it in yoru name first and then claim the tax credit
You will not be able to claim tax credit. This may trigger a audit from IRS which could be a bigger plan
Bestw thign you can do is refinance it in yoru name first and then claim the tax credit
Hi Sukina_hr,
As your name is not on the mortgage docs, you won't be able to take advantage of mortgage credit on your tax return though you are paying off the mortgage dues. You will have to refinance the loan and add your name to the mortgage docs in order to get mortgage credit. You have mentioned that you are reluctant to refinance the loan. Is it because of your credit score?
Thanks
As your name is not on the mortgage docs, you won't be able to take advantage of mortgage credit on your tax return though you are paying off the mortgage dues. You will have to refinance the loan and add your name to the mortgage docs in order to get mortgage credit. You have mentioned that you are reluctant to refinance the loan. Is it because of your credit score?
Thanks
sunnyca2009 and jameshogg, thanks for the replies.
I'm reluctant to refinance is not because of my credit score. It is because in the area where my building is, if I refinance, I have to pay a lot in taxes to the gov't and not to mention the fees to refinance. My current rate is very good, so it's not like I'm going to save a lot of money by refinancing.
Bummer, the loan officer at the bank said I may claim the mortgage credit if I can prove that I pay them with my checks.
I'm reluctant to refinance is not because of my credit score. It is because in the area where my building is, if I refinance, I have to pay a lot in taxes to the gov't and not to mention the fees to refinance. My current rate is very good, so it's not like I'm going to save a lot of money by refinancing.
Bummer, the loan officer at the bank said I may claim the mortgage credit if I can prove that I pay them with my checks.
Oh, the previous post is me, I forgot to login before replying.
In order to claim the mortgage credit, your name should appear on the mortgage docs as a borrower. Though you pay through checks, you won't be able to claim any mortgage credit on your tax returns.
Ok, thanks everyone for the responses.
-Sukina_hr
-Sukina_hr
You are most welcome, Amy! :) If you have further queries, feel free to post in the forums. The experts or moderators participating here would try their best to help you in resolving the query.