If I made payments, can I claim interest paid on realestate if my name is not on loan, but it's

Until last year you could not. But a new tax ruling indicates that you would be liable for the loan if the person who took out the loan failed to pay or at least your interest would be in jeopardy and therefore you may take the deduction.

If I made payments, can I claim interest paid on realestate if my name is not on loan, but it%26#039;s on title?

No. The interest statement is issued to the person listed on the mortgage.

If I made payments, can I claim interest paid on realestate if my name is not on loan, but it%26#039;s on title?

not if your name isn%26#039;t on the loan..

If I made payments, can I claim interest paid on realestate if my name is not on loan, but it%26#039;s on title?

You will need to show proof of payment along with a detailed explanation and accompanying copys of title and real estate contract and or agreement.

Darryl S.

If I made payments, can I claim interest paid on realestate if my name is not on loan, but it%26#039;s on title?

i am no tax guy but i would think if you have proof that you make the mortgage you can wright it off. but make sure no one else is.

If I made payments, can I claim interest paid on realestate if my name is not on loan, but it%26#039;s on title?

If you can actually prove you made the payments on it - you should be able to claim the interest on the payments you made.

Check with the IRS to verify this.

They can give you an absolute correct answer.

If I made payments, can I claim interest paid on realestate if my name is not on loan, but it%26#039;s on title?

A few years ago my sister sold a home and the bank issued a 1099(?) to her and one to my father (who was on the loan but not the tile) when only my sister should have received one. The accountant they consulted told my father to file another 1099(?) showing the full amount belonged to my sister. Something similar probably applies in your case. Please consult a CPA or tax attorney. They should actually know what I am trying to say.

If I made payments, can I claim interest paid on realestate if my name is not on loan, but it%26#039;s on title?

Sorry. According to the IRS Publication 936 (attached), it says, %26quot;You must be legally liable for the loan. You can not deduct payments you make for someone else if you are not legally liable to make them.%26quot; If you co-signed the loan, you are legally liable. Otherwise, you have two choices. Either get your name on the loan, or give the mortgage money to the person whose name IS on the loan and let them get the deduction.

If I made payments, can I claim interest paid on realestate if my name is not on loan, but it%26#039;s on title?

You need to be careful when you make transactions like this. If this was a favor to somebody, you can %26quot;gift%26quot; it to them up to I think 15K per year. Anything over that will need to be charged to your lifetime estate tax shelter (which lowers the amount you can pass on to heirs tax free). If this was in fact a loan, you will have to record imputed interest and record that as income on your 1040.