|
Posted by boris.oks@gmail.com on April 16, 2006, 4:40 am
Please log in for more thread options
My name is not on the title or the loan.
I am currently living in and am paying the mortgage and
property taxes for this property.
Is it possible for me to deduct the interest and property
taxes that I am paying? I have proof that the payment is
coming out of my account.
Thanks in adavance.
B.
Moderator:
Most people will tell you "NO". I will tell you "It depends."
If you are trying to get your 2005 return in the mail, do not
take the deduction. Afterwards see a local tax professional
and explain the situation to her/him. Maybe you can file an
amended return.
Also this is a normal result of after-the-fact tax planning.
Had you dealt with this issue last year, you would not be in
crunch time.
<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
|
Posted by L K Williams on April 16, 2006, 11:44 pm
Please log in for more thread options
> My name is not on the title or the loan.
> I am currently living in and am paying the mortgage and
> property taxes for this property.
>
> Is it possible for me to deduct the interest and property
> taxes that I am paying? I have proof that the payment is
> coming out of my account.
The Internal Revenue Code is very specific about this. For
you to claim a deduction for mortgage interes and the
taxest, you must meet several requirements: you must own the
property, you must be personally obligated on the loan, and
you must personally make the payments from your funds.
Usually, if yoou are not on title or on the mortgage, you
are SOL.
In a few, very rare cases, if you have an equitable interest
in the property, you may be able to claim these deductions.
You should consult a professional about this before claiming
any deductions, however.
Lanny K. Williams, CPA
Nawarat, Williams & Co., Ltd.
Income Tax Services for Expatriate Americans
<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
|
Posted by Stuart A. Bronstein on April 17, 2006, 12:04 am
Please log in for more thread options
> My name is not on the title or the loan.
> I am currently living in and am paying the mortgage and
> property taxes for this property.
>
> Is it possible for me to deduct the interest and property
> taxes that I am paying?
>
> Moderator:
> Most people will tell you "NO". I will tell you "It depends."
I agree. For example, why is your name not on the title but
you are living in the property and paying the mortgage? Is
the plan that at some point you will take title? If so, it
may be held in trust for you, so that you are, legally, the
owner.
You need to check with a good tax preparer, and possibly a
real estate lawyer, to establish what you can do.
Stu
<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
|
Posted by ed on April 18, 2006, 12:15 am
Please log in for more thread options IF, and that's a big "if", you inherited the propery you ARE
the owner and I would deduct the interest and taxes and let
the IRS prove you are not entitled (they won't bother, and
you are the "equitable owner"). Save the cost of a lawyer
now as it will be more than the interst and penalties even
if I am wrong.
If you didn't inherit IF (again, big if) you are an
equitable owner yo meet all the qualificatin and can deduct.
Otherwise, if you're just a good guy, a renter, living
with the owner, or it's your parent's house, or some other
odd situation, forget it, it's not deductible by anyone.
ed
<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
|
Posted by boris.oks@gmail.com on April 18, 2006, 7:39 am
Please log in for more thread options Thank you everybody for information and suggestions.
<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
|
| Similar Threads | Posted | | Mortgage interest deduction | June 15, 2006, 7:07 am |
| Mortgage interest deduction | May 27, 2008, 4:11 pm |
| Mortgage Interest Deduction -- Cash-Out Refi | January 21, 2007, 4:37 pm |
| Rental property mortgage interest deduction | May 1, 2007, 7:12 pm |
| 2nd Mortgage interest deduction on capital gains | April 16, 2006, 2:48 am |
| Mortgage Interest Deduction: Lodger in Primary Home | September 23, 2007, 7:45 pm |
| Is Mortgage Interest Deduction Assignable in a "Subject To" Transaction? | March 17, 2008, 7:55 am |
| Can mortgage interest paid to a foreign lender be considered portfolio interest (tax exempt)> | March 10, 2007, 1:06 am |
| rental income + rental mortgage + rental mortgage interest - dazed /confused | April 11, 2006, 3:50 am |
| Re: Mortgage interest on second home | July 1, 2006, 4:37 pm |
|
|
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap