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  1. #1
    Join Date
    Dec 2011
    Posts
    1

    Question Can You Take a Mortgage Interest Deduction if the Mortgage is Not In Your Name

    Hello,

    I have a question about filing our taxes...

    so during this summer we went ahead and purchased a house. Well my parents did on paper because our credit was not the best and they wanted to help us be able to buy a house before they retired. From the down payment to all the payments on the house we have made ourselves. Everything that comes in the mail though and on our mortgage papers is my fathers name. If we have a paper trail though with all the payments and where they came from and he doesn't claim the house on his taxes. Can we? We would like to be able to have the benefit of claiming our home on our taxes but are unsure on how that would work if the house is technically under his name. Please advise.... Thank you!

  2. #2
    Join Date
    Feb 2010
    Location
    CT & IL
    Posts
    5,273

    Default Re: Parents Bought House for Us Because of Credit. We Make All Payments, Question on

    No you cannot claim. Don't believe me? Call the IRS...

  3. #3
    Join Date
    Oct 2006
    Posts
    16,474

    Default Re: Can You Take a Mortgage Interest Deduction if the Mortgage is Not In Your Name

    Quote Quoting ml3000
    View Post
    Hello,

    I have a question about filing our taxes...

    so during this summer we went ahead and purchased a house. Well my parents did on paper because our credit was not the best and they wanted to help us be able to buy a house before they retired. From the down payment to all the payments on the house we have made ourselves. Everything that comes in the mail though and on our mortgage papers is my fathers name. If we have a paper trail though with all the payments and where they came from and he doesn't claim the house on his taxes. Can we? We would like to be able to have the benefit of claiming our home on our taxes but are unsure on how that would work if the house is technically under his name. Please advise.... Thank you!
    There are two important rules in order to be able to deduct mortgage interest and property taxes on your schedule A.

    1) You must be legally obligated to pay them. (you are not, your parents are)

    2) You must have actually paid them. (your parents have not, because you are paying them)

    Therefore, at least at this point, it looks like no one can claim the mortgage interest and property tax.

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