Posted on: 18th Sep, 2009 09:21 am
hi,
my friend signed a quit claim deed over to me,, his name still on the loan, and i'm the only onw who is making the payment, so can i file tax return for the entire property interest amount? thank you
my friend signed a quit claim deed over to me,, his name still on the loan, and i'm the only onw who is making the payment, so can i file tax return for the entire property interest amount? thank you
you'll have difficulty in documenting your deduction if you do. the interest paid is still going to be reported to him by the lender, because it's under his social security number. you'd be wise to run this by the irs for their take on things, and you'd be wise to also refinance the existing loan now that you're the owner.
If your friends name is on the loan still at the end of the year the bank will probably send a forum 1098 in both of yoru name
So you may not be able to claim the deductiosn unlessyour refinance the loan in your name
So you may not be able to claim the deductiosn unlessyour refinance the loan in your name
the bank can't send any documentation to our poster, sunny. our poster is not a party to the loan - the bank doesn't know of his or her existence.
Ok my mistake