Posted on: 04th Aug, 2011 11:31 am
Parents bought house and have mortgage loan. I live in the property and make the loan and tax payments. They have quit claimed the home to me. I continue to make the loan payments and taxes. Can I claim the interest and taxes paid as tax deductions at the end of the year?
Hi budlenium,
The mortgage is still not in your name. In such a situation, I don't think you will be able to claim the interest and taxes paid as tax deductions at the end of the year. However, you can contact a tax adviser and take his opinion in this regard.
Thanks
The mortgage is still not in your name. In such a situation, I don't think you will be able to claim the interest and taxes paid as tax deductions at the end of the year. However, you can contact a tax adviser and take his opinion in this regard.
Thanks
You have to tell us more details about that so that we can come up with the right solution to your problem.
