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Merlo
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Category: Tax
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Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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I REFINANCED MY HOUSE AND PUT MY DAUGHTER ON THE MORTGAGE WITH

Resolved Question:

I REFINANCED MY HOUSE AND PUT MY DAUGHTER ON THE MORTGAGE WITH ME.THIS WAS NOV. 1,2008. IS SHE ENTIDLED TO CLAIM ANY OF THE TAXES, INTEREST PD.? ALSO IS SHE ENTIDLED TO CLAIM FIRST TIME HOMEBUYERS CREDIT?
Submitted: 5 years ago.
Category: Tax
Expert:  Merlo replied 5 years ago.
Hello sign,

As long as your daughter's name is XXXXX XXXXX loan documents and she is legally a liable party for the loan, then she may deduct her share of mortgage interest that she paid. If the lender only sent a 1098 form to you, then your daughter would need to attach a statement to her tax return which explains that she paid a portion of the interest that was reported on this 1098 form. She should reference the taxpayer name and address and SS number who the Form 1098 was sent to. She will enter this amount on line 11 of Schedule A, and on that same line write "See Attached Statement".

She may also deduct her share of the property taxes on the home.

She would not, however, be eligible for the first time home buyer credit. This tax credit does not apply if you purchased a home from a relative. See the below IRS regulations under section "Who cannot take this credit".

http://74.125.95.132/search?q=cache:qLpL71w2gxAJ:www.irs.gov/newsroom/article/0,,id%3D186831,00.html+first+time+home+buyer+tax+credit+relative+irs&hl=en&ct=clnk&cd=1&gl=us

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Thank you.

Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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