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Can one person claim head of household and the other claim mortgage interest?
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∙ 11y ago
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∙ 11y ago
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Can you claim mortgage interest on income taxes on your NY home and live in Florida?
On your federal income taxes, you are allowed to claim a mortgage interest deduction for your principal residence and one other residence of your choice. It does not have to be in the same state. In addition, you are allowed to claim the interest on all rental or business properties.
Can you claim closed end loan interest on your taxes?
Outside of a business setting, or home mortgage, No.
Can you claim mortgage interest as a tax deduction?
Yes when it is qualified home mortgage interest and you are using the schedule A itemized deductions of the 1040 tax form along with all of your other itemized deductions.
What is a mortgage lien?
Mortgage Lien - Is a legal claim against a mortgaged property that must be paid or assumed when the property is sold. The person who has the lien on the property can claim the property if the loan defaults. The mortage lien typically belongs to the lender in order to secure the mortgage loan.
Who benefits from a mortgage insurance claim?
The real beneficiary from a mortgage insurance claim is ultimately the insurance company that provided you with the mortgage insurance in the first place.
Can you claim mortgage interest with quit claim deed if you are not on the mortgage?
You must be making the payments to claim the interest. However, if you are not on the mortgage there could be an issue.
If you are on a mortgage you have to claim half of the interest by Texas law?
If you are on a mortgage you have to claim half of the interest by Texas law?
Can you claim mortgage interest on income taxes on your NY home and live in Florida?
On your federal income taxes, you are allowed to claim a mortgage interest deduction for your principal residence and one other residence of your choice. It does not have to be in the same state. In addition, you are allowed to claim the interest on all rental or business properties.
Can you claim your father's mortgage interest?
No, not if you didn't pay it. Generally, as a co-signer, you can only claim any interest payments you made. You can read more about it at the related link.
Can you claim closed end loan interest on your taxes?
Outside of a business setting, or home mortgage, No.
Can you claim mortgage interest as a tax deduction?
Yes when it is qualified home mortgage interest and you are using the schedule A itemized deductions of the 1040 tax form along with all of your other itemized deductions.
How can you get a copy of my 2009 mortgage interest statement?
Call your mortgage company and ask them for the 1098 Form, which should have been sent to your address back in January/February. The 1098 Form will have this information for you to claim the mortgage interest tax deduction with the IRS.
Can a person convey real property to another person without that other person being required to pay any consideration?
Yes, You can sign a Quit Claim deed giving up all "your" interest in the estate. You would be giving them a Warranty deed if there's no mortgage.
What charges can you claim when filing your taxes on a new home?
Very few. If any of your mortgage costs are deductible as pre paid interest, (which hey generally aren't), they will be reflected as such on the interest statement the mortgage company provides. Closing fees etc are NOT expensable.
Will a mortgagor be charged any fees by the lender if the mortgagor acquires additional adjoining property through a quit claim deed?
If the mortgagor (the person who borrowed money from a bank) acquires additional land after they have executed a mortgage, the additional land is not affected by the mortgage nor does it affect the existing mortgage. The lender has no interest in the newly acquired land unless the mortgagor executes a new mortgage that covers it.
What is a mortgage lien?
Mortgage Lien - Is a legal claim against a mortgaged property that must be paid or assumed when the property is sold. The person who has the lien on the property can claim the property if the loan defaults. The mortage lien typically belongs to the lender in order to secure the mortgage loan.
Does a person who has a mortgage on a house have legal title to the property?
No. If you are on the mortgage but not on the deed then you agreed to pay for someone else's property for some reason. Being only on the mortgage doesn't give you any interest in the real estate.
