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Your son is going to take over paying your mortgage Can he deduct the interest on his taxes Does his name have to be on the loan the title both or neither?
Wiki User
∙ 16y ago
Again - he can't just pay a mortgage on anyones house and claim the deduction...it has to be his residence. Then if he is paying it, on the title or not, there are court cases saying that basically he paid the interest to you and you paid the mortgage. But again...you better be able to prove it is his home.
An interest deduction is generally not allowed if the taxpayer's liability is not primary and direct.. There is an exception to this general rule that allows a taxpayer to deduct interest he pays on a mortgage if he is the legal or equitable owner of the property, even though he is not directly or personally liable on the bond or note secured by the mortgage. The effect of this exception is to permit the deduction of interest in situations when the taxpayer-borrower is not personally liable on a mortgage of property that is used as security for a loan made to the taxpayer. The Tenth Circuit has stated that the concept of equitable title to realty for this purpose is generally limited to two situations: when legal title to property is held by a trustee, in which case equitable title is said to be in the beneficiary; and when real estate has been sold under a contract for deed with legal title retained by the seller until the purchase price is totally paid, in which case its purchaser is said to be the equitable owner during the payoff period.
Wiki User
∙ 16y ago
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Does wife's co signing a mortbage make her a joint owner?
No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.No. A person who co-signs a mortgage when they are not on the deed has simply volunteered to pay the mortgage if the primary borrower stops paying. The co-signer of a loan or mortgage is equally responsible for paying the debt. Co-signing bestows no ownership interest in the property.
Where can I find a calculator to see how much mortgage interest I will be paying?
You can find a mortgage interest calculator at the following websites...https://www.familysecure.com/Mortgage_Loan_Calculator.aspx or www.lcplc.co.uk/calculators
You are on the deed but not the mortgage. Can you pay the mortgage without being on the mortgage if you want to keep the house?
You can make mortgage payments if you're not on the mortgage. However, you would be a volunteer and paying the mortgage in and of itself wouldn't give you any interest in the property. You would be paying for someone else's property.However, if your name was added to the property after the mortgage was granted you would be protecting your interest in the property by making certain the mortgage is paid on time.
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.
What will happen if an unmarried couple separates and one person stops paying the mortgage?
The other must pay the mortgage or the property will be taken by foreclosure and both credit records will suffer. If one will be paying the mortgage they should sue the other for their interest in the property or buy their interest out. You should consult with an attorney.
how do I find my mortgage interest rates ?
If you are unsure of what you are currently paying on your mortgage, you should contact the bank, credit union, or broker who is in charge of your policy.
How can a second mortgage loan be discharged?
Any mortgage can be discharged by paying it off.Any mortgage can be discharged by paying it off.Any mortgage can be discharged by paying it off.Any mortgage can be discharged by paying it off.
Are you obligated for the mortgage if your name is on the title?
You are obligated for paying the loan if you signed the mortgage. If your name was added to the title after the mortgage was granted then you received your interest subject to the mortgage. If it isn't paid the lender will take possession of the property by foreclosure. If your name was on the title prior to the mortgage and the lender didn't have you consent to the mortgage then the lender made a big mistake and can only take possession of the interest of the person who did sign the mortgage.You are obligated for paying the loan if you signed the mortgage. If your name was added to the title after the mortgage was granted then you received your interest subject to the mortgage. If it isn't paid the lender will take possession of the property by foreclosure. If your name was on the title prior to the mortgage and the lender didn't have you consent to the mortgage then the lender made a big mistake and can only take possession of the interest of the person who did sign the mortgage.You are obligated for paying the loan if you signed the mortgage. If your name was added to the title after the mortgage was granted then you received your interest subject to the mortgage. If it isn't paid the lender will take possession of the property by foreclosure. If your name was on the title prior to the mortgage and the lender didn't have you consent to the mortgage then the lender made a big mistake and can only take possession of the interest of the person who did sign the mortgage.You are obligated for paying the loan if you signed the mortgage. If your name was added to the title after the mortgage was granted then you received your interest subject to the mortgage. If it isn't paid the lender will take possession of the property by foreclosure. If your name was on the title prior to the mortgage and the lender didn't have you consent to the mortgage then the lender made a big mistake and can only take possession of the interest of the person who did sign the mortgage.
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.
What information would a mortgage equity calculator give?
A mortgage equity calculator would provide information on the impact that changes in the mortgage interest rate will have on payments for the mortgage loan someone has taken out. It can be useful to help people predict how much they will be paying when interest rates change.
How many years of paying your mortgage do you pay off the principal?
All of them in gradual stages..... and a TON of interest...
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.
