Posted on: 07th Jan, 2010 10:32 am
We (Me and my Husband) "purchased" our house from his Grandparents.
They still have a half life estate on the house. We paid off the
reverse mortgage they had on the house as well as other loans. His
Grandparents are our dependents (we pay for their food, utilities,
medical, etc.). When we paid off the reverse mortgage there was
mortgage interest paid. Can we claim the mortgage interest paid on
our taxes?
They still have a half life estate on the house. We paid off the
reverse mortgage they had on the house as well as other loans. His
Grandparents are our dependents (we pay for their food, utilities,
medical, etc.). When we paid off the reverse mortgage there was
mortgage interest paid. Can we claim the mortgage interest paid on
our taxes?
consult with a tax advisor, frances, but i'd like to suggest that you ought to be able to do so, inasmuch as you paid it. was it substantial? if so, it might get you in trouble to claim it, since a 1099 will undoubtedly be issued to the grandparents shortly, under one of their social security numbers.
again, go to the tax advisor for this query; don't bother with the irs - apparently, they don't answer the phone much.
again, go to the tax advisor for this query; don't bother with the irs - apparently, they don't answer the phone much.