Posted on: 17th Sep, 2006 08:51 am
I've been buying a house for 6 years and was laid off for a couple of months so we put the house under one name. If I'm not on the deed or loan can I still claim taxes or what would i have to do to be able claim taxes. Do I need to be on the loan or is being on the deed acceptable also I'm in california, I don' know if the law would be different.. Thank you
Hi,
Even if you are paying off the home loan on behalf of someone else, you can still avail tax deduction on mortgage interest because you are actually making the payments.
Thanks,
Sara.
Even if you are paying off the home loan on behalf of someone else, you can still avail tax deduction on mortgage interest because you are actually making the payments.
Thanks,
Sara.
Hi shortyheldberg,
As you are repaying the loan taken by another person, the latter has to prove that he/she is financially dependent on you. This will help you to get tax deduction on interest payments. If the person for whom you are paying, is not dependent on you, then you need to add your name to the deed. This will imply that you are paying just because the original borrower on the loan is unable to make payments.
Thanks.
As you are repaying the loan taken by another person, the latter has to prove that he/she is financially dependent on you. This will help you to get tax deduction on interest payments. If the person for whom you are paying, is not dependent on you, then you need to add your name to the deed. This will imply that you are paying just because the original borrower on the loan is unable to make payments.
Thanks.