|
shasha-0303@hotmail.com writes:
> 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?
>
> Thanks for the replies.
Absent a 1098 reporting mortgage interest paid that includes your
husband's name and SSN, deducting mortgage interest paid is very
likely an invitation to an audit, and I would have to imagine one he'd
fail.
Throw a couple hundred bucks at a CPA to do taxes this year and get an
authoritative ruling on that, or at least someone willing to represent
him during an audit.
In face, without his name on the mortgage he's not even getting
brownie points in his credit score for faithfully paying the mortgage
on time. I also wonder if not being on the mortgage might actually
make it harder for him to get a student loan since the good on time
payment hsitory won't be reflected on his credit report (his father
will look golden), and he'll have on paper a lot more income than
debts which may negatively affect eligibility on some need based
programs?
Consider these random thoughts to check into though--I am not sure what
current student loan decisions are based upon, but certainly many
grants and other free money is based on need.
Between the tax deduction and credit building that may be desired, it
might be worth getting the hubbie added to the mortgage. I am sure the
mortgage company would be happy to add another person to chase down
for a house payment to the mortgage, though there may be fees involved
in the paperwork. They may treat it as a streamline refi at the old
rate...I am not sure. But it may be worth checking into.
Best Regards,
--
Todd H.
http://toddh.net/
|
|
Re: Division of the value of the house
