Posted on: 09th Feb, 2006 12:35 pm
I divorced in June and signed a quick claim deed for the jointly owned home. Can I claim the mortage interest on my taxes for the 6 months I was listed on the mortgage?
Thanks
Thanks
hi norman,
welcome to mortgagefit forums.
with a quit claim deed you have transferred your interest in the property to your spouse. but the mortgage still is in your name.
am i right? so how you are telling that you were in the mortgage for 6 months?
god bless you.
for mortgagefit,
samantha
welcome to mortgagefit forums.
with a quit claim deed you have transferred your interest in the property to your spouse. but the mortgage still is in your name.
am i right? so how you are telling that you were in the mortgage for 6 months?
god bless you.
for mortgagefit,
samantha
She refinanced and has a new mortage in her name only.
Hi Norman,
Welcome again.
I consulted an attorney on your matter. After the transfer through the quit claim deed you are not eligible to claim the home mortgage interest and real estate tax deductions on your federal income tax return.
This is because you no longer own the property from the date of transfer.
Feel free to ask if you have more doubts.
God bless you.
For MortgageFit,
Samantha
Welcome again.
I consulted an attorney on your matter. After the transfer through the quit claim deed you are not eligible to claim the home mortgage interest and real estate tax deductions on your federal income tax return.
This is because you no longer own the property from the date of transfer.
Feel free to ask if you have more doubts.
God bless you.
For MortgageFit,
Samantha
Hi Britt,
The interest on a mortgage for a second home which is used by you as a residence for some part of the taxable year is usually deductible, provided it meets some of the requirements for deductibility on a primary residence.
Regards,
Blue
The interest on a mortgage for a second home which is used by you as a residence for some part of the taxable year is usually deductible, provided it meets some of the requirements for deductibility on a primary residence.
Regards,
Blue
hi britt,
welcome to mortgagefit forums.
if your mortgage on a second home that you own is secured by the home and you itemize deductions, the mortgage interest is deductible.
if the mortgage crosses the fair market value of the home or in case the mortgages on your main home and your second home exceed $1 million, your deduction may be limited.
also the mortgage interest is deductible on a second mortgage, secured by the home, unless the mortgage exceeds the fair market value of the home or if the mortgages on your main home and your second home exceed $1 million.
the limits however are not applicable to mortgages that have taken before october 14, 1987.
god bless you.
for mortgagefit,
samantha
welcome to mortgagefit forums.
if your mortgage on a second home that you own is secured by the home and you itemize deductions, the mortgage interest is deductible.
if the mortgage crosses the fair market value of the home or in case the mortgages on your main home and your second home exceed $1 million, your deduction may be limited.
also the mortgage interest is deductible on a second mortgage, secured by the home, unless the mortgage exceeds the fair market value of the home or if the mortgages on your main home and your second home exceed $1 million.
the limits however are not applicable to mortgages that have taken before october 14, 1987.
god bless you.
for mortgagefit,
samantha