Have Finance Questions? Ask a Financial Expert Online.
You can only claim the interest if you were required by the lender to pay it and you had an ownership interest in the home.
If your brother received more than $4000 in 2015 you would not be allowed to claim him. Your relative cannot have a gross income of more than $4,000 and be claimed by you as a dependent.
I know rating takes an additional step and I truly appreciate it when you take the extra time!When you actively click on a rating and click submit, that lets Just Answer know you were assisted and credits me for the time.
The property tax is a tax paid to the cook county treasurer on the home. It is not interest.
I am so sorry. The taxes paid are the same as interest on your property. The tax must be imposed on you
for your property. The tax invoice would have needed to be in your name for you personally to be allowed the deduction.
The estate can claim for taxes paid even though paid by you. Perhaps the state can reimburse you.