3 responses to “Can I claim tax deductions without my name being on the loan?”

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  Ajelle November 3rd, 2009 at 11:21

  Tony

  If I were you, I would talk to a Tax Accountant who offers a free consultation. Being that you are responsible for all these family members and paying a mortgage that ordinarily would have been a part of a divorce settlement (depending on what state you are in) may add a curve to things. Also, if the loan is a fixed rate and only title has been transferred without the approval of the lender, a due on sale/transfer may apply, in that most fixed rate mortgages are not assumable (transferable) and could be called due, (to determine if your loan is subject to a due on sale or upon transfer of ownership clause refer to your loan Note, Deed of Trust/Mortgage documentation to verify if your loan is subject to such a clause). PLUS Don’t press the lender for advice or an answer anymore, at least not until you speak with a tax professional. I hope everything works out well for you and your family:)
  About property taxes: if your property taxes are not impounded/escrowed (payed with monthly mortgage payment) you should be able to claim that expense, but again, talk to a tax professional about that as well

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  Judy November 4th, 2009 at 20:19

  Victor

  Since you are on the deed, you can deduct real estate taxes if you pay them, since you are legally liable for them. You can’t deduct mortgage interest though, since if you aren’t on the loan, you aren’t legally required ro pay them.

  Good luck.

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  viajero_intergalactico November 7th, 2009 at 19:01

  Susan

  You cant claim the interest paid if you are not the person whoes name appears on the tax info the banks sends at tax time.

  If you support your siblings, you can claim them as dependents and save a little on tax and maybe even get a credit for each.

  If you pay the prop tax and your name is on title, then you can claim it.

  Hope all works out for you.