I am on the deed (as associate) but not on the loan/mortgage can I claim the interest on my tax refund?
952079
I agree with Kathy R.  One thing that I would do is sign a simple agreement with the person whose name is on the mortgage that states that you are legally responsible for the mortgage and entitled to claim the interest deduction.  You can take the interest deduction even if you don't get a 1098 -- report the interest you paid on line 11 of Sch A (instead of line 10) and include an explanation with your return that identifies your ownership of the house and the existence of the agreement.
726088
You can deduct state, local, and foreign real estate taxes on ALL real estate you own.\n\nYou can deduct mortgage interest on ANY two homes you own.  You can only deduct mortgage interest on the first $1 million (total) of loans used to buy, build, or improve your home and only on the first $100,000 of other mortgage loans (home-equity).  If you think you may be over these amounts, or if you want to investigate further, I suggest reading the attached publication from the IRS.
742020
I think the answer is no, because your tax relief on the outstanding mortgage is greater than the interest paid.
651560
Time to talk to a real estate lawyer.  Many charge a small fee ($50-100) for an initial consult and often that's all you'll need.\n\nMechanic's lien is only if you are a contractor and have done work on the property.\n\nIf the deed is not in your name, you are no longer responsible for the taxes.\n\nHOWEVER, if you carried back the mortgage for the new owner, you COULD lose your property because of unpaid tax bills.  You need to talk to a lawyer and start eviction proceedings (if this is the case).\n\nyour best bet - talk to a real estate attorney.
728481
I'm no tax attorney, but you should be able to.  My mother-in-law owns rental property - she just did some work to it and plans on writing it all off this year.
226979
It all depends on whose name is on the deed and mortgage.  If it's in one name, then the person who is named is responsible.  If you both are on it, then it's just like selling the house when you are married, just split the profit evenly.  If the deed is in one name and the mortgage is in both names, then the one on the mortgage who is not on the deed may get screwed, because that person has no ownership in the property, but is still responsible for the mortgage.  Don't sell it too cheap, because courts will look at sale prices and actual value and they tend to get upset if you sell a $150,000 for $50,000.
956468
not necessarily.  The delinquent tax could be paid at the closing of the refinance.  However, FHA might not look favorably on a borrower who isn't paying their taxes and think they might be a bad credit risk.
402000
Since you're getting the money w/o tax withholding.  You should also look into paying estimated taxes.  Otherwise, if you owe taxes when filing tax return, you might get charged with interest for the tax payment due.
829116
The following is copied from an IRS FAQ.  I believe it is sufficiently close to you question to serve as an answer.\n\nIs interest on a home equity line of credit deductible as a second mortgage?\n\nYou may deduct home equity debt interest, as an itemized deduction, if you are legally liable to pay the interest, pay the interest in the tax year, secure the debt with your home, and do not exceed certain limitations. For more information, refer to Publication 936, Home Mortgage Interest Deduction; and Tax Topic 505, Interest Expense.
82296
Interest is taxable on the federal return.  Its not taxable on your state return.
1112107
As started in terms of contract it seems you have no interest.\n\nThough you may have an equitable interest. Equity takes a subjective approach, and you must come to equity with 'clean hands'. Equity will examine your contribution to the property and expectations you had when the contribution was made. It will also examine the nature of the agreement. Equity will as stated will look at the intention of the parties. \n\nIt is likely you may be granted a monetary sum, depending on the contribution or equity may allow you to keep remaining as a tenant. It is hard to say as you have not given much details. \n\nI suggest you seek a equitable remedy If your going to seek a remedy at all, though again it depends on the facts.
135523
If you mean your 1098, mortgage interest form, you can always get that information by calling the bank.  If you want to know how much tax you save with the deduction, try calculating your taxes with the deduction, and then without it.  Or, look at your total interest deduction compared to your tax bracket.
341493
I would contact a tax professional.\n\nYou might have to pay capital gains tax if it is not your primary residence, but I DO NOT KNOW. I would contact a tax professional.
1074587
An individual is allowed to own a second house and still claim all the interest and property taxes on his return.  There are dollar limitations to the interest deductions however.  He should not claim it as a rental property, as that would create adverse tax effects when sold.\nIf your friend is wealthy enough to handle the additional house payment, I would suggest he spend a few extra bucks and consult with a competent tax professional.
1130648
Your deed of trust probably contains a clause that asserts the lender's right to establish an escrow account if you allow your property taxes or home owner's insurance to default. \n\nSince property tax liens take precedence over the lender's first lien position,it endangers their interest in the property.  This is how they protect their position on the property title.\n\nOnce you have an escrow account, the tax and insurance portion of the payment becomes a part of the entire payment.  Any shortage is just that, a short payment and you will be reported delinquent accordingly.\n\nSorry, I know this isn't what you want to hear but they wouldn't have forced an escrow if you had maintained the payments necessary to protect their lien position.
282377
Real Estate is the hardest thing in the world.  I will need more information from you.  First off was this real estate rented?  If not you can simply claim it on your 1040 Schedule A.  If it was rented then you have to claim it on your Scedule E (Income from Rental Property).   If you are trying to claim this on your State taxes I will need to know what state you are currently residing in to find out if you can claim it or not.\n\nMonteverde2\nUS Army Tax Preparer
140311
It may be possible to do it yourself if you're just trying to put a 2nd on, leaving the property in your name [and ultimate responsibility for the current loan], but you're playing with fire regardless. If you're in a 'deed of trust' state [rather than a 'mortgage' state], you should definitely contact an atty. Basically you would need a security instrument [either a mortgage note or deed of trust] and a promissory note [the repayment terms]. You'll need a warranty deed to convey the property if you're truly selling it--the title company may be able to help with the deed. Often, these forms can be obtained at 'old time' office supply stores, but completing them correctly is something else. However, your current mortgage probably has a 'due on sale' clause if you're doing a complete sale, which means that when ownership is transferred, the lender expects to be paid in full. The accounting [the payment split between principal and interest] changes with each payment, so it could be an accounting nightmare if mishandled. So you can see, there are a lot of technicalities here. I haven't even gotten into 'title work,' which the buyer may rightly be expecting, IF you're doing a real sale. You might want to consider a lease-option, which leaves you in ownership while the buyer makes monthly payments to you [and adding to the downpayment over time].