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Claiming taxes on a home

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L

luvmy5kids

Member
What is the name of your state?Pennsylvania

My Father recently purchased the home I live in so that I can keep it. We were in a rental situation and offered a purchase option by our landlord. I am on the deed with him.
The question is: What do we need to do so we can use the taxes paid yearly on our tax return? My Father has no desire to claim it; he did not put any money down on the house and does not pay any of the mortgage. He did it as a favor until we clear up the mess with my husbands ex-wife who has done some fraudulant things in my husbands name.

Thanks for your help.
 


LdiJ

LdiJ

Senior Member
luvmy5kids said:
What is the name of your state?Pennsylvania

My Father recently purchased the home I live in so that I can keep it. We were in a rental situation and offered a purchase option by our landlord. I am on the deed with him.
The question is: What do we need to do so we can use the taxes paid yearly on our tax return? My Father has no desire to claim it; he did not put any money down on the house and does not pay any of the mortgage. He did it as a favor until we clear up the mess with my husbands ex-wife who has done some fraudulant things in my husbands name.

Thanks for your help.
Click to expand...
Are you on the mortgage as well as the deed? If you are, there is no problem, you can claim the interest and real estate taxes. If you aren't its a bit more complicated.
 
L

luvmy5kids

Member
I couldn't be put on the mortgage because it is a No-Doc Loan. So what do I/we do now? :confused:

Maybe now that the mortgage is final my Dad can have me put on the mortgage..your thoughts? Thanks for your help in advance.
 
Last edited:
LdiJ

LdiJ

Senior Member
luvmy5kids said:
I couldn't be put on the mortgage because it is a No-Doc Loan. So what do I/we do now? :confused:

Maybe now that the mortgage is final my Dad can have me put on the mortgage..your thoughts? Thanks for your help in advance.
Click to expand...
There are tax issues for both you and your father. Basically your dad needs to treat things as though he is selling the home to you, under seller financing.

He would have to report both the interest paid (to the mortgage company) and the interest earned (earned from you) on his tax return, and then you in turn would report the interest paid (by you to him) on your return.
 
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