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Taxes

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iamceemack Joined: 01 Apr 2008 Posts: 1 1.06 Dollars($)	Posted: Tue Apr 01, 2008 4:46 am    Post subject: Taxes My daughter has had our house in her name. She hasn't lived here for the last year. All mortgage payments, taxes, and insurance has been paid by my husband and I out or our checking account. However, she claimed all interest on her federal income tax return. I am afraid this may be illegal. Is it? Thank you so much in advance for any replies.
sara Joined: 05 Jul 2006 Posts: 1206 Location: New Brunswick, New Jersey 223.95 Dollars($)	Posted: Wed May 21, 2008 5:38 am    Post subject: RE: interest deduction illegal? Hi Iamceemack, Welcome to the forums. I don't think it's illegal because your daughter is on the property title as well as on the loan. And that you are making payments is a different issue because I guess the payments are reported to the lender/credit bureau in her name isn't it? Take care
enriko Joined: 05 Mar 2008 Posts: 67 17.43 Dollars($)	Posted: Wed Jun 18, 2008 5:01 am    Post subject: Hey, Good to have you here! Well it all sounds legal to me(Y) Riko _________________ http://www.ezylet.co.uk/- Life of landlords and tenants made ezy!
Niicss Joined: 03 Oct 2005 Posts: 1279 Location: New Jersey 191.71 Dollars($)	Posted: Wed Jun 18, 2008 5:10 am    Post subject: Welcome Iamceemack, I agree with the above posters that it is not illegal as you are paying the mortgage payments on your daughter's name and she is also on the deed of the property. So she is the one who can claim the tax deduction. _________________ Good is the Enemy of Great.

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