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02-03-2009, 11:23 PM
| | Junior Member | | Join Date: Feb 2009
Posts: 1
| | | Mortgage Interest Deduction
My father took out a mortgage in 2005, he made the down payment, and the mortgage is in his name. He lives on Social Security and doesn't have to file taxes, so he doesn't claim mortgage interest deductions ( obviously ), however, I have personally made every payment on the home for over 3 years now, is there any way that I can legally take the interest deduction on my tax filing given that the 1099 form includes a Social Security Number ? We have discussed re-financing the property with me as a co-signor, but given the credit market and my average FICO I'm not sure if that is even an option.
Any advice....anyone ? |
02-04-2009, 01:41 AM
| | Member | | Join Date: Nov 2007
Posts: 604
| | Quote:
Originally Posted by Geno30701  My father took out a mortgage in 2005, he made the down payment, and the mortgage is in his name. He lives on Social Security and doesn't have to file taxes, so he doesn't claim mortgage interest deductions ( obviously ), however, I have personally made every payment on the home for over 3 years now, is there any way that I can legally take the interest deduction on my tax filing given that the 1099 form includes a Social Security Number? | Unless its YOUR social security number (meaning you're on the mortgage), no.
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02-04-2009, 08:03 AM
| | Senior Member | | Join Date: Feb 2007
Posts: 8,265
| | Quote:
Originally Posted by davew128 Unless its YOUR social security number (meaning you're on the mortgage), no. | The social means nothing. Your name being on the obligation means everything. If you aren't obligated to pay, you can't deduct it. |
02-04-2009, 09:19 AM
| | Senior Member | | Join Date: May 2004
Posts: 41,409
| | | There are two rules to claiming a mortgage interest deduction and property tax deduction.
1) You must have actually paid it....which you did.
2) You must be OBLIGATED to pay it....which you are not.
Therefore, you cannot claim it.
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02-04-2009, 02:21 PM
| | Member | | Join Date: Nov 2007
Posts: 604
| | Quote:
Originally Posted by FlyingRon The social means nothing. Your name being on the obligation means everything. If you aren't obligated to pay, you can't deduct it. | Thank you Captain Obvious. Next time you decide to correct me on something, read my whole post in its context.
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When you find yourself in a legal dilemna, ask yourself:
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02-04-2009, 07:59 PM
| | Senior Member | | Join Date: May 2004
Posts: 41,409
| | Quote:
Originally Posted by davew128 Thank you Captain Obvious. Next time you decide to correct me on something, read my whole post in its context. | Dave, I think that he was making the point that when there are joint owners only one social shows up on the 1098, but they are both obligated, therefore they both could claim the deduction. Your post honestly could have been misunderstood by a layman.
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02-05-2009, 06:21 AM
| | Senior Member | | Join Date: Feb 2007
Posts: 8,265
| | Quote:
Originally Posted by davew128 Thank you Captain Obvious. Next time you decide to correct me on something, read my whole post in its context. | I posted your complete post and I don't know what other "context" you think disambiguates things, but the presence of the SSN on the form is not a necessary nor sufficient condition, nor does it necessarily indicate if you are on the mortgage or not.
Both my post and LDij's were the correct one. Yours was incomplete.
Last edited by m martin; 02-05-2009 at 11:32 AM.
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