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Quit Claim for Income Tax Purposes

Posted on: 13th Sep, 2010 07:16 am
For 3 years, I have lived with my boyfriend and paid the mortgage and taxes on his place - he has equity, but no cash, I have cash, but no equity - and it is comparable to the rent I would pay in this area. (Florida Keys). I have not been able to deduct the interest for the past 2 years, but would like to deduct interest and property taxes next year. I need these deductions to lower my federal tax liability, which is high. If he quit claims the deed to the property, and we file jointly - as Florida is a common law state - will the mortgage interest and taxes then be deductible from my income? He has zero income - doesn't file taxes now - as none of his assets are liquid - it is property only.
Hi Guest!

Welcome to forums!

You will be able to deduct the mortgage interest payments in your taxes only if your name is mentioned on the mortgage docs. In order to add your name to the mortgage, you and your boyfriend will have to refinance the mortgage.

Feel free to ask if you've further queries.

Sussane
Posted on: 13th Sep, 2010 11:01 pm
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