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can i give £80,000 in deposit and pay the rest in monthly instalments of around £1,000?
what is mortgage?
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Thanks!!!... |
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| Okay...so some roommates and I rent a house together in Virginia. We're all adults and of age to drink. It turns out our landlord is a crazy old religious lady who thinks *any* alcohol is evil. S... |
|
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| I finally figured out I don't have skin parasites or a new allergy. My new apartment has bedbugs. I am relieved but apprehensive. I heard they can live in your mattress for almost a year without ... |
|
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| We found a house that we really love. The only problem is, it's on a busy street. It's not really really busy, like highway busy, but it is a main thoroughfare. I have children too, small, ... |
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but the other was a very nice seeming peruvian grad student
i spent a lot of time reviewing his ... |
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whoo hoo | Who gets the tax benefits to owning a home? |
If there is a borrower and co-borrower on a mortgage...which person benefits from "home ownership" when doing taxes? |
 |
 
caveman
 |
Alaskan CPA, Rebecca Martin
RLMCPA (talk|edits) said:
3 January 2006
Mortgage interest does not have to be in both party names. An "equitable owner" works too. See Saffet Uslu, et ux., TC Memo 1997-551. Interest paid on the taxpayer's indirect debt obligation combined with equitable and beneficial ownership of the residence may be deductible (Uslu). Here, taxpayers were unable to obtain a mortgage due to their poor credit rating. A related party obtained a mortgage and held title to the taxpayer's home. The taxpayer made all the mortgage payments and bore all economic responsibilities of owning the home, which was the primary residence.
However, real estate taxes do require that each be legally obligated to pay the tax. Real estate taxes generally can be deducted only by the taxpayer on whom the tax is imposed (i.e., the individual who has legal title for property taxes). See IRC 164(a) and related TRegs.
In essence, there are 2 different rules: For the mortgage interest, you can split. For the real estate taxes, you probably will only get the deduction for the party listed on the legal title.
The SSN of the 1098 does not necessarily limit who gets the deduction. Although having both listed on the 1098 might avoid IRS inquiry if you choose to split both expenses. |
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mazziatplay
|
Each party to the note is entitled to an equal division of the tax benefit incurred. If you are filing separately you each take one half of the entire benefit. If you are filing jointly, you take the entire benefit. |
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Meg
 |
If both of you are equally responsible for paying the mortgage and the real estate taxes, then split the amounts of real estate taxes paid and 1/2 the mortgage interest for the year. To do this you must both be equally liable and on title/deed to the property.
The person(s) who get the tax benefits of owning a home are the ones who owe the mortgage and who pay the mortgage...simple as that. |
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mortgage help
|
Whichever one makes the payments. If the borrower claims 50%, then the co-borrower can claim 50%. If the borrower claims 100%, the borrower can't also write it off. if they're married, it won't matter. |
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Jessica M
 |
The truth is you want to give the deduction to the person who makes the most money. |
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tom r
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Colonel is dead wrong, Mazziatpl and Meg and Mortgage guy gave great advice, |
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tadopoly@sbcglobal.net
 |
In order to deduct the interest and property taxes, you must be on title and have actually paid those items. You would take your deduction at the same ratio as the contribution towards the debt. If you have any other questions, or need assistance, please contact me via my website http://www.slarson.com/contact or email me directly at Steve@SLarson.com |
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Steve P
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If they file seperate returns then they have to agree how to split the tax benefit -- either one takes it all or they divide it equally etc
This is how I would handle it. |
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needtoknow
|
Both do. |
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Joy K
|
I believe it depends on how the contract is wrote up, but something this serious I would check with a tax accounting just to be sure. |
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John
|
either one or both. depending on the status. |
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sachinkamat
|
neither make money it is govt and mortge company...
b'cos you claim say 100 tax deduction75 dollar goes to govt and govt gives you back 25 dolalr back ...you see the math? |
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joseph h
 |
the jews get %50 of the tax's and the there %50 the us gets it |
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Colonel
 |
The person who claims "head of household" or whoever is on the deed to the house. If it's both, it's whoever claims head of household. |
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