Posted on: 31st Dec, 2008 06:12 am
If my name is on the quick claim deed, I pay the morgage, taxes and insurance but the loan is in someone elses name who has the right to claim the house on there return? Can the person who's name the loan is in can?
Hi jrkckn,
As far as I know, you will have to legally liable for the loan to claim the deductions. If your name is not on the mortgage docs, then you won't be able to claim the deductions. As the other person's name is on the mortgage, he/she may be able to claim the deduction. You can consult a tax adviser and take his advice in this regard.
Thanks,
Jerry
As far as I know, you will have to legally liable for the loan to claim the deductions. If your name is not on the mortgage docs, then you won't be able to claim the deductions. As the other person's name is on the mortgage, he/she may be able to claim the deduction. You can consult a tax adviser and take his advice in this regard.
Thanks,
Jerry