Posted on: 10th Dec, 2009 11:29 pm
I want to be co-owner on the title and help with the mortgage payments. I am not going to be on the mortgage. Can I do that? Being unmarried I have to file taxes as single...
Can I claim ownership of the house or affirm on my tax return that I own a house or purchased a home without being a bank borrower/?
Thank you
Can I claim ownership of the house or affirm on my tax return that I own a house or purchased a home without being a bank borrower/?
Thank you
You can definitely take advantage of the tax benefits and ownership of a home without being on the loan. However, it may cost you. What I mean by that is that, what you will need to do is have yourself added to the title of the home after the purchase is done by the borrower on the loan. Once they have had the mortgage company wire the funds to the escrow company/attorney, they will then record the deed of trust and, what is known in most states, as a Grant Bargain Sale, Deed.
Once the home is owned by the owner you wish to co-own the property with, you may go to the recorder's office, or a lot of times your lender may help you get the Grant, Bargain, Sale, Deed (may be known by other names in other states) document so that you may add yourself as an owner of the property along with the current owner. Now, if you are not a spouse, mother, father, brother, or sister of the owner, you will typically have to pay a portion of the transfer tax for the ownership to be put into your name. Each state has varying costs. For instance, here in Clark County, nevada, the transfer tax is $5.10 per thousand dollars being put in your name.
Hope that helps!
Once the home is owned by the owner you wish to co-own the property with, you may go to the recorder's office, or a lot of times your lender may help you get the Grant, Bargain, Sale, Deed (may be known by other names in other states) document so that you may add yourself as an owner of the property along with the current owner. Now, if you are not a spouse, mother, father, brother, or sister of the owner, you will typically have to pay a portion of the transfer tax for the ownership to be put into your name. Each state has varying costs. For instance, here in Clark County, nevada, the transfer tax is $5.10 per thousand dollars being put in your name.
Hope that helps!
i think the whole idea of this is preposterous, frankly.
I agree with George, it is BS and it will not help you either. What you claim on your tax returns is the interest paid on the loan during the prior year. The proof you provide is the statement that is given by the lender. You are not on the loan so you cannot deduct the interest paid on YOUR tax returns. Your partner IS going to deduct the interest.
That is not at all how I took the question, and it could be that I did not understand what the potential homeowner was saying, but my answer was in regards to her ownership of the home, and the tax benefits available to her as a homeowner. From the message she had asked, I did not see where she had directly asked how she may take advantage of writing off mortgage interest if you are not on the loan. Of course that is a different situation.
My answer is in reference to the ability to take advantage of a tax credit that is available to her as a new homeowner, not the tax benefits of interest write offs.
My answer is in reference to the ability to take advantage of a tax credit that is available to her as a new homeowner, not the tax benefits of interest write offs.