Posted on: 02nd Apr, 2009 09:19 am
My father died and left me and my two siblings his house., He didn;t have a will, so we had title placed in all three of our names in probate court. The morgage payment is high and there are like three mortgages on it. We are trying to rent it out for the even mortgage payment, but having a hard time getting a taker. Can we refinance the house as a group of three? What will happen to us from a tax standpoint? Who can claim mortgage interest deductions? will we get taxed as having rental property income even though we're not making any money on it? What;s the best way to approach this issue? We are very confused and stressed about it all
yes, you can certainly try to refinance with the three of you as borrowers. keep in mind that you'll pay a bit extra because the property is not owner-occupied, and your credit scores will also factor into the price that you pay.
for taxation questions, you ought to contact a tax advisor or the irs directly; i'd think you can work out the details of deductibility amongst yourselves, though.
for taxation questions, you ought to contact a tax advisor or the irs directly; i'd think you can work out the details of deductibility amongst yourselves, though.