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Question

We are buying our house from my in-laws we pay them $1400.00 and then they pay Wells Fargo $1949.00. The difference being their land payment. I was wondering if we are entitled to claim the interest on our portion of the payment or if this would work like we are paying them rent?

Submitted: 406 days and 14 hours ago.
Category: Tax
Value: $30
Status: CLOSED
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Fort Bridger, Wyoming

Already Tried:
Been searching the web for weeks and there are so many different sites with trained and untrained people I couldn't keep them straight. Please help.

Posted by RD 406 days and 14 hours ago.

Info Request

Is the house in your name?

 

406 days and 14 hours ago.

Reply

The mortgage is in their names but the house is recorded at the county in our names. Though his and his father's name are the same. The property tax and other information comes to us but all things from the bank come to my in-laws.

Accepted Answer

If the house is in your name than you can claim the mortgage interest and property taxes paid by you on the property.

 

 

Let me know if you have any question.

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

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Expert: RD
Pos. Feedback: 99.4 %
Accepts: 6486
Answered: 2/7/2009

Certified Public Accountant (CPA)

CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..

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