J
jenson
Guest
Hi, I am in CA.
My fiance and I are paying the mortgage and property tax on a townhouse we acquired in 7/00. The loan is under another person's name. The title is also on this person's name, although we do have the title in our names, we just have not filed it with the county yet. Before we got into this, I think the loan officer gave us false information. He said that only one person can file their tax return and claim the mortgage interest & property tax, didn't matter who it was.
When we went to file our tax return for Year 2000, I was told by an tax preparer that only the person who is on the loan can claim the interest and property tax for that home. Also, this person was not going to file any tax return at all for their own reasons. It would have been easy from the beginning if he did file and turn around and pay us back for the refund from taking the deductions for the interest and property tax.
So for the tax Year 2000 and 2001, we did file in our names and took the deduction for the mortgage interest and property tax. We have copies of all cancelled checks to prove that we paid directly to the mortgage company and county and not to the person who's name is on the loan.
I just want to know what to expect from of us doing this. What should have been the correct response from that loan officer?
My fiance and I are paying the mortgage and property tax on a townhouse we acquired in 7/00. The loan is under another person's name. The title is also on this person's name, although we do have the title in our names, we just have not filed it with the county yet. Before we got into this, I think the loan officer gave us false information. He said that only one person can file their tax return and claim the mortgage interest & property tax, didn't matter who it was.
When we went to file our tax return for Year 2000, I was told by an tax preparer that only the person who is on the loan can claim the interest and property tax for that home. Also, this person was not going to file any tax return at all for their own reasons. It would have been easy from the beginning if he did file and turn around and pay us back for the refund from taking the deductions for the interest and property tax.
So for the tax Year 2000 and 2001, we did file in our names and took the deduction for the mortgage interest and property tax. We have copies of all cancelled checks to prove that we paid directly to the mortgage company and county and not to the person who's name is on the loan.
I just want to know what to expect from of us doing this. What should have been the correct response from that loan officer?