tax break on home
Date: Sat, 11/15/2008 - 16:28
tax break on home
Thanks for any advice
As you don't have your name on the mortgage, so you can't get a
As you don't have your name on the mortgage, so you can't get a tax break on the same. But if you refinance the concerned mortgage in your name then you can avail the tax break.
A more knowledgeable person on the same may help you more.
Phoenix is right.
Phoenix is right. Hope you have no credit problems. But look on the bright side of it. If you are ever in trouble with the IRS or others unless your are behind in the payments and then it makes no difference whose name it is in. If you are self employed, it may be a blessing for it to be in anothers name. The IRS is just as likely to pop in on you any day and say you owe a million dollars and if you have no home they can't take it. That's the bright side.
Mortgage Interest
I have to disagree. If you are making the payments, and can prove that, yo are paying the interest. As long as no one else claims it, I know many people who claim it as "other" interest payments.
Quote:I have to disagree. If you are making the payments, and ca
Quote:
I have to disagree. If you are making the payments, and can prove that, yo are paying the interest. |
The finance company will issue 1098's (mortgage interest) in the name of the account holder(s), and will also report those amounts to the IRS. However you can "prove" you made the payments, the mortgage company is not obligated to re-issue 1098's in your name, because they have no business relationship with you.
Quote:
As long as no one else claims it, I know many people who claim it as "other" interest payments. |
That being said, you can claim anything you want to on your taxes ... the majority of people won't get audited. BUT if they happen to audit you, and you don't have a 1098 to back up your interest deduction, then they will charge that tax plus penalties and interest.
