C
ChgoLoopDuo
Guest
Hello, here's my situation:
A retired friend (he's on disability) and I purchased a house together in July 2000. However, because of our differing credit scores, my name was removed from the mortgage documents at the last minute to qualify. (His credit is stellar, mine was not so hot).
Here's the sticky part: I make 100% of the tax and mortgage payments, while he simply owns 30% of the house (according to our separate, legal agreement and the deed). How can I deduct the mortgage interest and taxes without my name officially being on the mortgage note? I've seen several professional opinions on this... some say I can't do anything. Some say I should enclose a copy of the 1098 form and have my retired friend sign a statement saying he is not deducting anything on his taxes for this mortgage, and that I make all the payments.
I've also seen suggestions where we split the deductions 30/70, etc. Help!! ?
A retired friend (he's on disability) and I purchased a house together in July 2000. However, because of our differing credit scores, my name was removed from the mortgage documents at the last minute to qualify. (His credit is stellar, mine was not so hot).
Here's the sticky part: I make 100% of the tax and mortgage payments, while he simply owns 30% of the house (according to our separate, legal agreement and the deed). How can I deduct the mortgage interest and taxes without my name officially being on the mortgage note? I've seen several professional opinions on this... some say I can't do anything. Some say I should enclose a copy of the 1098 form and have my retired friend sign a statement saying he is not deducting anything on his taxes for this mortgage, and that I make all the payments.
I've also seen suggestions where we split the deductions 30/70, etc. Help!! ?