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| *Loan,banking and credit>>>tax advice |
Advice about claiming house on my taxes.? |
I have recently purchased a home with a friend of mine. I am on the deed but the mortgage is not in my name. Can I clam the house on my taxes this year. If you are not legally obligated to repay the mortgage, you cannot claim the interest. If you do, indeed pay some of the interest, your friend cannot claim the interest that you pay. You can, however, claim your share of property taxes actually paid by you. Any private arrangement to circumvent the legislation is tax fraud. Altough jail time is unlikely for such an offense, there would certainly be interest and penalties for whoever claimed more than they were entitled to. Is there any way you can be made legally responsible for the mortgage? Would you want that? Is marriage a possibility? That would settle the matter once and for all. The questions I'm asking are for you to think about. I have done taxes for almost 20 years and I have carried one saying with me for a very long time: Never let the "tax tail" wag the "commercial (or emotional) dog". Yes!!!! after you check with your friend, and you come to a fair agreement....each can claim half of the Tax property and other maintenance Expensses....or the whole thing if the other side agrees. Let an Attorney prepare the deal between you and your friend. Mortgage interest is deductible---however if it is not more than your standard deduction it won't do you any good to try and claim it. |
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