mortage intrest question

Author Message
dirtrider035

Guest






PostPosted: Thu Jan 24, 2008 5:42 am    Post subject: mortage intrest question

my wife and i purchased a home in ohio i am on the mortage but she is on the deed can she claim the mortage intrest if i dont
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile jheard
jheard
Moderator


Joined: 12 Dec 2007

Posts: 599
Location: Houston, TX
98.69 Dollars($)
PostPosted: Thu Jan 24, 2008 8:48 am    Post subject:

You must own the property and be liable for the mortgage to take the interest deduction.

http://www.irs.gov/publications/p936/ar02.html#d0e452
Icon Mini Profile larry




Joined: 27 Jun 2007

Posts: 3328

474.49 Dollars($)
PostPosted: Thu Jan 24, 2008 1:03 pm    Post subject:

Hi dirtrider,

Welcome to the forum.

Are you also on the deed?

I agree with Jhread that your wife needs to be on the mortgage to get the interest deduction.

Feel free to ask if you have any further questions.

Best of luck,
Larry
Icon Mini Profile jerry
jerry
Moderator


Joined: 17 Oct 2005



Posts: 1778
Location: MICHIGAN
266.03 Dollars($)
PostPosted: Fri Jan 25, 2008 1:04 am    Post subject: RE: who can deduct interest?

Hi Dirtrider,

It's true that one needs to be on the deed as well as on the loan to get deductions on interest. For more details, please refer to a previous discussion on Tax deduction on Interest .

Thanks,

Jerry.
Icon Mini Profile gmakerley
gmakerley
Community Mentor
Community Mentor


Joined: 09 Nov 2007

Posts: 7445
Location: bloomfield, ct
69.81 Dollars($)
PostPosted: Fri Jan 25, 2008 9:50 am    Post subject:

if you are filing a joint tax return, you will have no problem.
_________________
George M. Akerley
Loan Consultant

860-221-5044
Quick Reply
Your Name
Subject
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Ask Questions
Community Attorney
Joshua Heard - Attorney Joshua Heard
Houston, Texas






Highlights
Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

New and upcoming tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool






DebtConsolidationCare    Insurance community: We Make You Insurance Smart    CreditMagic: Helping you build up credit


We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0