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My name is on the Deed not on the mortgage How do I doc this on my taxes to receive partial credit on the mortgage interest if I assisted in making the mortgage payments?
Wiki User
∙ 13y ago
You'll have to consult your tax advisor on this but typically from a lender point of view if you are not on the note than you don't have rights to an interest deduction come tax time. However, if you have an accountant who tells you different, than you'll have to produce cancelled checks or a statement of some kind to show your share of the mortgage payment being made directly to the lender. If it was paid payable to someone else than it is looked at as paying rent, which is this case would not get you a mortgage interest deduction.
Wiki User
∙ 13y ago
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Deferred payments are usually only accepted on partial orders that are?
delievered
What is the journal entry for partial cash and credit payments?
[Debit] Purchases [credit] Cash (partial) [credit] accounts payable (balance)
What if you owe more taxes than you can pay?
Ask if you can make monthly installment payments for the full or partial amount. You may have up to 60 months to pay. You may be charged interest and late penalties however be sure to file your return. Failure to file can be a crime. Use Form 9465.
Why is necessary to collect estimated payments from patients during check-in?
While physician practices have always expected patients to pay co-payments when they come in for care, some medical offices are now asking patients for partial payment of the office visit charges during check-in.
What are some pros and cons of the completed contract method in accounting?
A con of the completed contract method of accounting is that nothing is noted in the ledger until the contract is completed. A pro is that there will be less paperwork in accepting partial payments.
Can you write up a deed of trust pursuant to an owner's partial interest in a property if there are no other loans on the property?
Yes, but if the mortgagor defaults on the mortgage you can only acquire their partial interest by foreclosing on the mortgage.Yes, but if the mortgagor defaults on the mortgage you can only acquire their partial interest by foreclosing on the mortgage.Yes, but if the mortgagor defaults on the mortgage you can only acquire their partial interest by foreclosing on the mortgage.Yes, but if the mortgagor defaults on the mortgage you can only acquire their partial interest by foreclosing on the mortgage.
If you make partial payments can you still be foreclosed?
Typically yes, failure to make the payment required as specified in the mortgage note is usually written in as a default.
Can you take out a loan using my structured settlement?
The answer is Yes. You may obtain a low interest loan for your structured settlement. You also have the option of selling partial payments or full payments.
Can you convey partial ownership to a mortgaged property?
The property is subject to the mortgage. In order to sell a portion free and clear of the mortgage you would need to obtain a partial release from the bank. The partial release must describe the portion you want to sell and must be recorded in the land records.
Does money from partial release have to be paid on mortgage?
no
If you pay just a portion of the credit card bill what will happen?
The credit card will add interest on your unpaid balance which will increase your total credit card debt. If the company cashes your check, nothing will happen. Except what is mentioned above. They often accept partial payments. If they don't take partial payments they will return your check & demand a full payment Different companies have different rules. You should contact them to find out exactly. They probably WON'T take a partial payment without charging you interest.
How can you get a reverse mortgage on your partial interest in the property?
You can only get a reverse mortgage on owner occupied property. All parties living in the home must be age 62 or older. investment homes - second homes - homes built before 1976 - do not qualify
Will lenders lend for mortgage if on partial unemployment. I still have my job and have been there for 7 years. I work at a resort we r slow in winter so we go on partial unemployment?
Not many lenders will be able to lend you for mortgage if you are on partial unemployment.
What are some problems concerning partial payments?
It might not paid fully coz creditors might get lost, interest rate might vary and wasting of time to collect the full payment.
What are the disadvantages of bad credit mortgages?
Bad credit mortgages will likely have a higher than usual interest rate. They may also have stricter policies and penalties for late and partial payments.
When deferred payments usually accepted on partial orders?
Deferred payments can be accepted on partial orders depending on the company. Each business has their own policy on payment methods and acceptance.
What happens if you only pay partial payments on your credit card payments?
You MUST make the minimum payments or the company will come after you. If you just make the minimum payments you will eventually clear the debt but the rate of interest on credit cards is very high. If you are having trouble financially the first thing to do is to stop using a credit card (cut it up) then if you can not afford the minimum payments go and seek help from a third party (in the UK a free advice centre) - they will help you with your debt problems and will be able to get the interest on your card debt stopped - (you will still have to make small payments to pay off the debt but if you meet these the debt will no longer grow). Also some debts are more 'important' than others - your taxes, mortgage, rent etc. A credit card is an unsecured debt and you will not be sent to prison for it or thrown out of your home. Get Help!!
