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Company Loan Type APR Est. Pmt.

selling on contract

Posted on: 20th Apr, 2010 08:21 am
we are wanting to sell a home to our son who has been renting it for the past year. We have permission from the mortgage company to do a quick claim deed, the son will be making the existing mortgage payment, will he be able to claim the interest paid on the mortgage? Anything else we need to complete? (Indiana)
Hi katb,

Your son will have to refinance the mortgage in his name in order to claim the mortgage interest in his taxes. Also, once he refinances the loan, he would become the sole one responsible for paying off the mortgage dues.

Thanks
Posted on: 20th Apr, 2010 11:34 pm
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