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... |
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By allowing yourself to be overwithheld and then getting a big refund check is like giivng the government an interest free loan all year.
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grolly t | My mother-in-law is co-signing on a mortgage loan for us. The loan will be in her name. My husband? |
and I will be on the title. My husband and I, not my mother-in-law will be making the mortgage payments. Who can claim the mortgage interest on their tax returns? She will not be making the payments at all. |
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STEVEN F
 |
To claim the mortgage interest deduction you must meet BOTH of the following tests:
1. You must be LEGALLY required to pay. That means YOUR name is on the mortgage.
2. You must ACTUALLY pay.
If the mortgage is paid by someone whose name is not on the mortgage, NO ONE can claim the deduction.
That said, you appear to miss-understand some of the terms in your question. If the mortgage is in your mother-in-laws name, she is NOT the co-signer. She would be the PRIMARY borrower in that case. |
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Judy1
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I'm a little confused here - the normal procedure, if your mother-in-law is cosigning for you, would be that the loan would be in your and your husband's names, but her name would also be on the loan. If that's how it's set up, then you and your husband can take the interest deduction on the mortgage.
If your name is not on the loan at all, even if it's on the title, then you aren't legally responsible to make the payments, so you can't take the interest deduction even if you pay the mortgage payments - your mother in law couldn't take them either, for two reasons: she didn't make the payments, and it's not her home.
Long story short - make sure your names are on the loan along with your mother in law. |
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bernel1403
 |
If she is only the co-signor you would claim the interest you paid. I would keep all my records if she is making this an issue. |
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bostonianinmo
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If she is only a co-signor, her name is only on the loan in that capacity and you and your husband are the borrowers. You and your husband get the interest deduction.
However, if her name is on the loan as the borrower and you and your husband are not on the loan at least as co-borrowers then NOBODY gets the interest deduction. You wouldn't get it since you would not be legally obligated to make the payments, and your MIL wouldn't since she didn't actually make the payments. |
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Jo Blo
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don't do it,, get a loan on your own ,, it will be a nightmare and may cost you your marriage |
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Fool in the Rain
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Since you are paying the mortgage and your husband is a co-signer, you can take the mortgage interest like usual on your tax return. The property tax can also go on your Schedule A with your mortgage interest. Here's a few other items you can take on your Schedule A
State and local taxes (withheld from you and your husband's W-2 wage) or you can take all sales tax you've paid throughout the year
Excise tax paid on vehicles/boats
Contributions to church and charity (cash and noncash)
Medical and dental expenses (have to be at least 7.5% of your agi)
Job expenses (have to be 2.5% of your AGI) |
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tom
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The first answer is a good answer however understand the harm you can do to your Mother-in-laws credit, Don't do her harm! |
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TwinkaTee
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If your mother has to cosign so that you can get a house, should you really be buying it in the first place? If anything, you should allow her to claim the mortgage interest as a GOODWILL GESTURE. It sounds pretty selfish to try to hog the interest when you wouldnt be getting the house if she didnt help in the first place.......Does anyone else agree??? |
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jon
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I dont agree with good will gesture. You said it your self good will gesture. Young people need help do to lack of credit not bad credit. And intrest paid on the house are these 2 people hard earned money thats paid it. So no i dont agree |
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