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I'm located in CA and have lived in my home for 7 years. During the purchasing process my parent's helped me out. My father directed that my mother and I jointly applied for lending. But it was determined that a better interest rate could be achieved if my name was removed. So I ended up with a loan solely in my mother's name. The downside is for the past 7 years, I've paid the mortgage and taxes with no tax benefit. In fact, I've allowed my dad to take the credit for 5 of the past 7 years. How do we go about transferring the property so that I can claim the tax benefit. I earn almost $100K per year and could really use the deduct. Although I am very grateful to my parents for their assistance they both understand and support my need to have this transaction altered. Help!

gmakerley · Posted: Mon Apr 13, 2009 1:43 pm Post subject:

the most efficient way to do it is to treat it like a purchase, inasmuch as you'd have to go get your own mortgage. if there's equity in the home, you can use a gift of equity for your down payment.

whatever the familial ramifications are would need to be set aside so you can accomplish this. try and get over the tax benefits they've enjoyed, and enjoy them for yourself once you establish ownership.

jameshogg · Posted: Mon Apr 13, 2009 10:13 pm Post subject:

Hi Lisa,

You'll have to transfer the mortgage in your name first. You can do this by refinancing the mortgage. Once the property and the mortgage is in your name, then you can claim the tax benefits.

Thanks

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