Mortgage Interest Deduction

[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 ? 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 ?

 

[davew128]

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.

 

[FlyingRon]

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.

 

[LdiJ]

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.

 

[davew128]

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.

 

[LdiJ]

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.

 

[FlyingRon]

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.