Posted on: 28th Oct, 2010 03:35 pm
My parents secured a loan under their names for a house for me and my husband, but we paid the down payment, closing, and continue to pay the mortgage each month.
To protect ourselves in case the pass away, my parents want to put in place a Joint Tenancy Grant Deed, but we're not sure how to fill it out and calculate taxes for the form? Does anyone have instructions or an example of a completed Joint Tenancy Grant Deed done by parents for a married child?
My parents also would like us to claim the mortgage interest on our income taxes, since we are making the payments. Is that possible?
To protect ourselves in case the pass away, my parents want to put in place a Joint Tenancy Grant Deed, but we're not sure how to fill it out and calculate taxes for the form? Does anyone have instructions or an example of a completed Joint Tenancy Grant Deed done by parents for a married child?
My parents also would like us to claim the mortgage interest on our income taxes, since we are making the payments. Is that possible?
Hi Guest!
Welcome to forums!
You should contact a real estate attorney and take his opinion in this matter. He will help you in filling out the deed and you will also be able to know about the taxes. As the mortgage is in the name of your parents, I guess they will be able to claim the tax deductions.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You should contact a real estate attorney and take his opinion in this matter. He will help you in filling out the deed and you will also be able to know about the taxes. As the mortgage is in the name of your parents, I guess they will be able to claim the tax deductions.
Feel free to ask if you've further queries.
Sussane