Posted on: 27th Jul, 2010 09:04 am
My wife purchased a home with a Conventional loan with a non-occupant co borrower. They have treated the property as a rentral home for the duration of the mortgage some 7 years. During that period my wife has been has been lived in the property as her primary residence, while the non-occupant has been writing off the mortgage paid by my wife as income and the utilites and maintance paid by my wife as expenses of her's. This doesn't sound very valid to me. Can I get some thoughts?
You indicated your wife is a coborrower. That would mean she is on the mortgage.
If your wife is on the mortgage and she is paying the mortgage and the taxes, she can write off the mortgage interest and taxes. She can not write off any utilities for a primary residence.
If the other person is writing that stuff off, that is their problem and their accounatnt and the IRS can deal with that.
If your wife made an agreement with the nonoccupant coborrrower to do otherwise, that is an agreemnt you have not mentioned.
If your wife is on the mortgage and she is paying the mortgage and the taxes, she can write off the mortgage interest and taxes. She can not write off any utilities for a primary residence.
If the other person is writing that stuff off, that is their problem and their accounatnt and the IRS can deal with that.
If your wife made an agreement with the nonoccupant coborrrower to do otherwise, that is an agreemnt you have not mentioned.