Posted on: 05th Nov, 2007 07:29 pm
my parents have a piece of land which they live on. They alowed us to build a second home on the property, but because the property was in their name the loan is in their name. We make all the payments for the home we live in and have claimed the interest. The IRS is now saying we cannot because we are not legaly liable for the loan. Is there any way around this?
hi,
since both the property as well as the loan is not in your name, you are not liable to any benefit from that.
your parents have to sign a quit claim to transfer the property to you and then you can refinance the mortgage in your name to claim any interest.
since both the property as well as the loan is not in your name, you are not liable to any benefit from that.
your parents have to sign a quit claim to transfer the property to you and then you can refinance the mortgage in your name to claim any interest.
Hi,
I think Michel is right. Your parents should sign a quitclaim deed and transfer the property to your name and you need to refinance so that the property and the loan both will be on your name.
Thanks,
Larry
I think Michel is right. Your parents should sign a quitclaim deed and transfer the property to your name and you need to refinance so that the property and the loan both will be on your name.
Thanks,
Larry
Both posts are correct. You do not technically own it so you don't get the tax benefits. You need to purchase the property from them.
