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Jon Andrews
Jon Andrews, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 3118
Experience:  I deal with all levels of tax planning and controversy - from the ordinary to the complex.
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Claiming interest - I am joint tenant and live here, but not on mortga

Customer Question

Hi,
I think I know the answer, but. . .I bought a home last year with my parents as a two-year investment. We all live in it and we are all on title as joint tenants. Problem: My dad and mom carry the mortgage because they could do it paperless and get a better deal. I, however, pay the mortgage (thus the interest) every month. I was wondering if there is any way I can claim the interest on my return even though it is not my mortgage.    The interest I pay is technically being paid for my own home and residence, but I don't know if that counts.
My mom and dad are not going to claim it.

Thank you so much
Kar
Submitted: 11 years ago.
Category: Tax
Expert:  Jon Andrews replied 11 years ago.

What you think you know is probably right. Because you are not on the mortgage you are not legally entitled to claim the interest.


This is a situation that could have had a better result with advance planning instead of "hindsight" planning. There are ways to structure this so that you will have a deduction in the future, but it will not help for 2004.


[email protected]
Jon Andrews, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 3118
Experience: I deal with all levels of tax planning and controversy - from the ordinary to the complex.
Jon Andrews and 5 other Tax Specialists are ready to help you
Customer: replied 11 years ago.
Reply to Jon Andrews's Post: Would this restructuring include refinancing? If so, I don't think that is an option because we are selling in just one more year and going our seperate ways.
Customer: replied 11 years ago.
Reply to Jon Andrews's Post: Thank you - I don't think I sent the follow-up questions correctly, but I appreciate your help. I haven't used this before.
Kar
Expert:  Jon Andrews replied 11 years ago.

I replied through the PM system.

 

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