We have been living in difficult times for homeowners with foreclosures soaring unemployment, high, falling home prices, creative financing options kicking, and mortgage payments instead of going down. As a parent or grandparent, may be necessary to help younger generations to meet their financial obligations for the pitching and the payment of one or more mortgage payments for them. At the same time, you may wonder if the interest you pay for them can be used as a deduction on your tax return. Although the interest rate generally is not theirs to claim, there are ways you can change the rules.
The main consideration is about who is responsible for the loan. If it is your child's name, then it is considered your responsibility. Therefore, you have to really share the house with her son before sharing the responsibility. Of course, in doing so are also taking full responsibility if your child has to renounce his own claim of ownership. In other words, you could end the financial bag to pay for a second property is not technically yours. Therefore, you need to think long and hard before accepting permanent responsibility for the debts of his son.
Another factor to consider is that if you do not have enough deductions to file itemized deductions and only claim the standard deduction on your tax return, then there really is not about to become liable for the obligations of his son. You can still help if you want, but do not have to take responsibility for the loan, they will not be able to claim the interest anyway. To submit itemized deductions, you must have enough eligible expenses during the year to reach the threshold of government. Some of the other things you can deduct are their own mortgage interest payments, medical expenses and property taxes.
While it is commendable that you want to help your child when he gets into financial trouble with their mortgage payments, which is usually not feasible to think that you will be able to get a rebound in the form of a tax deduction for the interest is paying. Talk to your tax advisor to find out if you qualify for deductions, as a result of financial assistance for his son.
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