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I need some guidance from the mortgage experts on this forum. Here is my situation. I received a letter from the IRS stating that I underpaid for calendar year 2012 to the tune of 6,677 dollars. Currently, I co-own a house with my parents. In the deed it states that my parents have a 70% undivided interest in the property and that I as a tenant in common, have a 30% undivided interest in the property. The loan is in my parents name, but I pay the entire mortgage amount. Am I eligible to claim the tax benefits since #1) I am paying for the entire mortgage payment and #2) because I am a co-owner (have a 30% undivided interest in the property)? Any information that will point me in the right direction is greatly appreciated. Thank you in advance to all the contributers of this forum. It is a treasure trove of information.
Talk to a CPA or enrolled agent for this type of specific information.
+1. Definitely consult a CPA.
Was title being taken as tenants-in-common when you financed the mortgage, or was it done afterwards? Usually lenders do not let people take title as tenants-in-common since it can allow either party to sell their partial interest.
Regardless of how title is held, you can deduct the mortgage interest because you paid it ... and you can prove it.