Posted on: 08th May, 2009 03:42 pm
I recently took over my moms house. She put me on title and I'm making the loan payment. Can I write off the house if my name isnt on the loan?
Hello,
You are on the title means that you certainly are the co-owner of the home.
Why do I say "Co-Owner"? Because, You are not on the mortgage. Hence, your mortgage is on your mother's name and that apparently means she automatically is on the title too. She is one of the owners of the property.
Now, you want to write off the mortgage? Yes, you could as one of the owners of the property. However, it has to be in agreement with your mother. Your mother also needs to sign along with you. You wouldn't be able to do it alone.
Hope this helps.
You are on the title means that you certainly are the co-owner of the home.
Why do I say "Co-Owner"? Because, You are not on the mortgage. Hence, your mortgage is on your mother's name and that apparently means she automatically is on the title too. She is one of the owners of the property.
Now, you want to write off the mortgage? Yes, you could as one of the owners of the property. However, it has to be in agreement with your mother. Your mother also needs to sign along with you. You wouldn't be able to do it alone.
Hope this helps.
I think you need to consult a Tax consultant to clarify this, just to be sure.
Hi
"Can I write off the house if my name isnt on the loan?"
Do you want to say that you want to write off your name from the title? If this is what you mean, then I'd say it's quite possible. As a co-borrower you have to sign on a deed to give up your interest in the property and write off your name from the title. Since you aren't on the loan you are in no way responsible for it.
"Can I write off the house if my name isnt on the loan?"
Do you want to say that you want to write off your name from the title? If this is what you mean, then I'd say it's quite possible. As a co-borrower you have to sign on a deed to give up your interest in the property and write off your name from the title. Since you aren't on the loan you are in no way responsible for it.
I think the question was abotu write of the Interest. Please correct.