Posted on: 10th Feb, 2010 09:43 am
I have been living in my parents house for 2 years and paying all the bills as they have bought a home in another state and are living there. They are willing to sign a quick claim over to me, but we wanted to know if at that time, can I claim the interest on my taxes? I filed bankruptcy 5 years ago and am still working on building my credit, this is why I dont just buy the house from them at this time.
Hi Twila,
You will be able to claim the mortgage interest deductions in your taxes only if your name is mentioned in the mortgage docs. If the documents do not have your name, you won't be able to claim them. It is same with the property taxes and other bills.
Thanks
You will be able to claim the mortgage interest deductions in your taxes only if your name is mentioned in the mortgage docs. If the documents do not have your name, you won't be able to claim them. It is same with the property taxes and other bills.
Thanks