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In article <1176184612.800028.300000@y80g2000hsf.googlegroups.com>,
shasha-0303@hotmail.com wrote:
> My husband's and his parents' names are on a property that we all live
> in but only the father's name is on the mortgage. My husband is paying
> the mortgage. (my husband might need to take student loan out in the
> future so therefore his name isn't on the mortgage) Can he get tax
> deductions even though he isn't on the mortgage but he is on the
> property? My second question is how will the value of the house
> legally be divided when they sell the house? Is there a contract or
> legal form that can protect my husband's contributions towards the
> house?
As far as I understand, it has to be your mortgage and your
house in order to take the mortgage deduction. But that is
why they make tax accountants--I would suggest calling one and
finding out for sure. Each situation is different.
As far as the sale, your husband would have to sign off on any
sale since he is on the deed. He can block any sale that isn't
to his liking.
-john-
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John A. Weeks III 952-432-2708 john@johnweeks.com
Newave Communications http://www.johnweeks.com
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Re: Division of the value of the house
