0
If you quitclaim your house to your son who is paying the mortgage payment even though you are still on the mortgage loan can he claim the interest with the IRS on his tax return?
Wiki User
∙ 16y ago
For information, here is the link to the IRS's Publication 936 regarded Mortgage Interest Deduction rules for 2007. They'll probably be similar in 2008.
http://www.irs.gov/pub/irs-pdf/p936.pdf
"You must be legally liable for the loan. You cannotdeduct payments you make
for someone else if you are not legally liable to make them."
best wishes
Wiki User
∙ 16y ago
Add your answer:
Earn +20 pts
Can you take your name off the deed but still be on the mortgage?
You could quitclaim your interest in the property to the co-owner, but you are obligated to pay the mortgage. In that case you would no longer have any ownership interest in the property but you would be fully responsible for paying the mortgage until it is paid off. If the co-borrower failed to pay the lender would seek payment from you. You should consult with an attorney who can review the situation and explain your options, responsibilities and the consequences of executing a quitclaim deed. See related question.
How much will it cost you to remove spouse from mortgage?
A quit claim deed will be rather inexpensive. However, the spouse can require payment to sign the agreement. You cannot remove them without their agreement and consent.Another PerspectiveA quitclaim deed will transfer the interest of the spouse in the property but will have no effect on the grantor's responsibility to the lender or the mortgage. Generally, the mortgage must be paid and refinanced in order to remove a spouse from any responsibility for paying the mortgage.
What are the disadvantages of a variable interest rate mortgage?
A variable interest rate mortgage is one where the amount of interest being charged may change during the course of the mortgage depending on the current interest rates, but the usually monthly payment remain the same. The disadvantages of this type of mortgage is that if interest rates go up more of the monthly payment goes towards paying the interest instead of the principal, taking longer to pay off the mortgage. If rates go to high, the monthly mortgage payment may go up, this is rare however.
What is a bi-weekly mortgage calculator?
It is a mortgage where you can pay of more on your outstanding mortgage.If you have a cash sum you can make a bigger payment to reduce your mortgage thus paying less interest and reducing the term of your mortgage.
How much interest am I paying each month mortgage payment calculator?
It would all depend on what type of a mortgage you have , What the lending loan is, what the interest rate given you as well as the amortization period is . A fixed mortgage will show you how much you pay in interest over a certain amount of time at the interest rate given you. The calculator will show you how much interest you are paying with a graph from beginning to end.
3 people have right of survivorship and one quitclaimed their interest to a new party Is this new co-owner responsible for that persons part of the mortgage?
If the joint owner who conveyed her interest was paying a third of the mortgage then her grantee would also be responsible for paying that share. The grantee in the quitclaim deed is a tenant in common with the other two joint tenants.
What are the consequences of paying late mortgage payments?
Although there is typically no consequence to paying a late mortgage payment, there is typically consequences to making mortgage payments late. These consequences typically include a late fee, increased interest rates, and a lowered credit rating.
Who is responsible for paying the mortgage after a quitclaim deed?
The mortgagor is responsible for paying the mortgage. The mortgagor cannot quitclaim the property while the mortgage is outstanding. Mortgage documents have a due on transfer clause whereby the lender will call in the loan if there is a transfer of ownership. Ignoring that provision will get you and your purchaser in a lot of trouble.The mortgagor is responsible for paying the mortgage. The mortgagor cannot quitclaim the property while the mortgage is outstanding. Mortgage documents have a due on transfer clause whereby the lender will call in the loan if there is a transfer of ownership. Ignoring that provision will get you and your purchaser in a lot of trouble.The mortgagor is responsible for paying the mortgage. The mortgagor cannot quitclaim the property while the mortgage is outstanding. Mortgage documents have a due on transfer clause whereby the lender will call in the loan if there is a transfer of ownership. Ignoring that provision will get you and your purchaser in a lot of trouble.The mortgagor is responsible for paying the mortgage. The mortgagor cannot quitclaim the property while the mortgage is outstanding. Mortgage documents have a due on transfer clause whereby the lender will call in the loan if there is a transfer of ownership. Ignoring that provision will get you and your purchaser in a lot of trouble.
Will paying mortgage in 2 parts allow you to complete payments quicker?
Do you mean paying mortgage twice a month? Yes it will definitely be faster and save a lot of interest payment. Remember that interest is tax deductable. Check on your tax group; how much tax you pay for your income.
Can you remove your wife from the title?
If she is also paying the mortgage, then you will need to get the agreement of the lender to do this. At my divorce, I signed a quitclaim, which may be what you need.
What are the benefits of home refinancing ?
You may want to consider refinancing if you are interested in paying off high-interest-rate debt, shortening the length of your repayment term for your mortgage or lowering your monthly mortgage payment.
How do you examine a mortgage amortization chart?
The mortgage amortization chart will show you exactly what you are paying. It breaks down principle, interest, and required monthly payment to make sure the loan is paid off when it is supposed to be.
