Posted on: 10th Oct, 2009 08:24 pm
I have been making my daughters house payment for the past year. This is an "interest only" loan. If I quick deed the home in my name will I be able to claim the interest on my taxes? Is there a better way to go about claiming this interest? I do not foresee any change with our current situation and I am missing out on a huge tax benefit.
your name need to on the property and also on the loan for you to claim the interest deductions
so you can add yoru name by doign a quit claim deed, you will also need to refinance the loan in both of yoru name. the lender will send the 1099c at the end of the year for both of you
so you can add yoru name by doign a quit claim deed, you will also need to refinance the loan in both of yoru name. the lender will send the 1099c at the end of the year for both of you
you need to be owner & mortgage should be in your name.
Are the payments written from your check book to the Lender? You're entitled to the tax benefits if you've been making the payment, you don't need to do anything to the Title. The IRS just doesn't want two homeowners taking the same deduction, so you'll take the write-off and your daughter won't. Every circumstance is different so be sure to consult your CPA first.
