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Old 12-29-2005, 05:53 PM
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Mortgage Interest Claimed by second Party

What is the name of your state? CA

If a loan is in my grandparents name, but I have paid the mortgage for the past year, can they assign the tax break to me? and how?

Thank You
  #2  
Old 12-29-2005, 08:04 PM
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Location: Washington
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If they never lived there & only took out the loan because you didn't have good enough credit, & you made all payments, you can deduct the interest & taxes. Be sure you have something in writing saying that you are responsible for all mortgage payments & that the intent of the parties is that you own the house.
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Old 12-30-2005, 02:44 PM
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That is my current situation, but can I get in trouble for being part of a deal like this? I know the lender wouldnt like it.

How should I note it on my taxes, if I remember corectly all my tax program askes is if I have any interest to claim?
  #4  
Old 12-30-2005, 04:27 PM
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Location: Washington
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No trouble & it's none of the lender's business who claims the interest. You claim the interest on Sch.A. Keep a copy of the agreemenmt and the 1098 with your tax records.
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