Posted on: 26th Mar, 2011 01:18 pm
i have a quick question. my girlfriend and i got a home but since i was self employeed the loan was only in her name. we did a quit claim deed soon after so it was both of our houses legally. i ran a business out of the home there and payed all the mortgage every month. i didn't claim the mortgage interest but i did ride off the amount i paid for the year and timesed that by the portion of the house i used for business. i am able to do that since i payed all the mortgage payments and ran a business out there correct???
Hi Guest,
This is something you need to clarify with your CPA. The CPA will check out the whole matter and will let you know whether or not you'll be able to claim it as an expense for business use of your property.
Thanks
This is something you need to clarify with your CPA. The CPA will check out the whole matter and will let you know whether or not you'll be able to claim it as an expense for business use of your property.
Thanks
The interest that you paid would have been recorded under your girlfriend's name and SS number, of course. The IRS might just give you trouble in this circumstance, though you can undoubtedly make a good case for what you did.
If you do speak with an accountant or a tax advisor who can help you, I'm quite certain you'll get precisely the advice that you need.
If you do speak with an accountant or a tax advisor who can help you, I'm quite certain you'll get precisely the advice that you need.
