Posted on: 22nd Feb, 2011 11:52 am
My name on my home's deed, along with my father's name. However, only his name is on the mortgage. I have lived in the home as my primary residence and paid half of the mortgage to my father and all other living expenses including the annual front foot benefit fee and HOA fees. Am I eligible to claim half of the tax credit for the interest paid? And if so, how would I document this on my 2010 tax form; would a letter suffice from my father?
Hi lisammetzger!
Welcome to forums!
If your name is not mentioned on the property deed, then you won't be able to claim the mortgage interest payments on your taxes. Nevertheless, you should contact your tax adviser and take his opinion in this matter.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If your name is not mentioned on the property deed, then you won't be able to claim the mortgage interest payments on your taxes. Nevertheless, you should contact your tax adviser and take his opinion in this matter.
Feel free to ask if you've further queries.
Sussane
You should also check with you tax expert whether or not hiring family members would fulfill the employee requirement for the purpose of this credit. This may help you as an entrepreneur because you can hire your spouse or children.
[URL Deleted as per forum rules. Thanks.]
[URL Deleted as per forum rules. Thanks.]