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Mark Anderson
Mark Anderson, Tax Attorney
Category: Tax
Satisfied Customers: 540
Experience:  Tax attorney and accountant
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I need advise from a CPA, can you help

Customer Question

I need advise from a CPA, can you help
Submitted: 8 months ago.
Category: Tax
Customer: replied 8 months ago.
My ex husband was given certain property in our divorce, he died two months after the divorce, my question can I claim the interest on his property that went to his children, they filed a probate, but I still get the back statements and interest statements. the bank told me no one else can claim the interest but me
Expert:  Mark Anderson replied 8 months ago.

You might want to find out if the probate is going to file a tax return. Also, he may need to file a tax return and claim the interest. Does he have an attorney or accountant. You might want to talk to them. Who received the interest? Did you get a 1099-INT? Why do you want to claim the interest?

Expert:  Mark Anderson replied 8 months ago.

It will just make your taxable income go up.

Customer: replied 8 months ago.
his daughter is living in the house, I'm trying to get them to refinance the home in their name, it's been a struggle, if they are late I get called etc., they sent me the paperwork showing interest paid and told me since my name is ***** ***** deed, they cannot claim the interest and actually claiming the interest would help me not pay back so much taxes, the interest paper has the estate of mike Acosta and hope Acosta with his social security number and a tax ID number, she makes the mortgage payment on the house
Expert:  Mark Anderson replied 8 months ago.

Why is it in your name? They should have deeded the property to him as part of the divorce. You probably need to see an attorney to get the property in the daughters name. The probate attorney should be able to help.

Customer: replied 8 months ago.
He died before we could execute any of the documents, I told the kids to file a probate but they don't have the credit or the means to refinance or pay off the properties, I took them back to court to remove them and have the grandfather appointed as personal representative, the probate is closed but everything is in my name, when we went back to court the Judge said that because the specific language to refinance wasn't in the divorce decree he couldn't make them refinance the homes, so essentially they will be in my name until they refinance or sell them, neither my ex husband or myself ever signed over any deeds to one another, that's why the bank told me I can claim the interest, not the estate
Expert:  Mark Anderson replied 8 months ago.

You should be able to quitclaim deed the property to them. Don't they want it? I would try to get some help from legal services or a lawyer in your area.

Customer: replied 8 months ago.
The problem is the bank won't acknowledge the deed because my name is ***** ***** loan, they pay late and it's affecting my credit. So I think legally I should be able to claim the interest, I have spoken to an estate attorney with your company and am told to consult a cpa
Expert:  Mark Anderson replied 8 months ago.

Ok. Well then they will need to refinance.

Customer: replied 8 months ago.
exactly, so in the meantime since the deed has my name on it, can I claim the interest on it
Expert:  Mark Anderson replied 8 months ago.

Are you paying it? Did you get a tax form from the bank?

Expert:  Mark Anderson replied 8 months ago.

The IRS allows only the actual owners of a property to claim tax deductions for that property. For example, someone else besides you could be paying your mortgage and property taxes but won't be able to claim deductions for those payments. Property ownership deductions also stay with property owners even when they don't reside on or live in those properties. If you're renting your property out, you get to keep the mortgage interest and property tax deductions, for instance.

Customer: replied 8 months ago.
The interest paper the bank sent me says the estate of Michael Acosta, Hope Acosta with his social security number and a federal tax ID number, the one I have for my house just has my name on it
Expert:  Mark Anderson replied 8 months ago.

Who is Hope Acosta? Who is paying it?

Customer: replied 8 months ago.
I am Hope, my ex husbands daughter lives in the house and is paying the mortgage, the only ones on the deed is myself and mike who is deceased
Expert:  Mark Anderson replied 8 months ago.

If she pays it, then she should claim it.