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RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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My wife and I pay for the mortgage and property tax on the

Customer Question

My wife and I pay for the mortgage and property tax on the house we live in. The house is under my wife's parents name. Since my wife and I pay the mortgage and property tax, her parents will not claim it on their taxes. Can my wife and I claim the interest and property tax for ourselves?
Submitted: 7 years ago.
Category: Tax
Expert:  RD replied 7 years ago.
If the house is legally owned and titled in the parent's name than they are the owner of the house. Property tax and interest paid for them is not deductible to you as you are not legally liable on the loan or tax 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.

Customer: replied 7 years ago.
Her parents are allowing us to claim since they are not. My question now is that something we can do without getting penalized by the IRS?
Expert:  RD replied 7 years ago.
Based on the requirements/IRS rules - you cannot claim these deductions. So, if your tax return was examined or audited -these deductions will be disallowed.


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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