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As a cosigner who has been paying the loan for the debtor can you claim the payments as tax deduction?
Your in a tricky realm here: Only the interest you pay on YOUR home mortgage is deductible....so if you want to claim it as a deduction under that, it better be your residence (already deducting another mortgage could make it obvious). But I'm thinking - If there is an agreement between you and the primary that makes him in debt to you for the amount, AND you can show there is no chance of collecting on that debt...than you MAY have a personal bad debt deduction...which has a number of complexities...but perhaps something to review with legal/accounting consultant more.
What else can I help you with?
What is sundry debtor?
If we provide some services to the vendors they are paying for our services therefore the person who are paying us becomes our sundry debtor. Sundry Debtor is simply called as account recievable i.e for retailer is customer, for wholesaler is retailer.
Who is sundry debtor?
If we provide some services to the vendors they are paying for our services therfore the person who are paying us becomes our sundry dedtors
What is sundry debtor and sundry creditor?
If we provide some services to the vendors they are paying for our services therefore the person who are paying us becomes our sundry debtors.
How can you deduct alimony payments when paying taxes?
Alimony payments are deductible as an above-the-line deduction on your Federal income taxes. They are reported on Line 31a of Form 1040 for 2010. Note that Line 31a also requires you to report the Social Security Number of the person you paid alimony to, because it will be considered taxable income for them. It's important to point out that child support payments are NOT deductible. So, if you are making monthly court-ordered payments that include both alimony and child support, you can only deduct the portion of those payments that are considered alimony. Usually the court order will specify these amounts.
How much can a widow earn before paying taxes?
A widow can earn up to the standard deduction amount before paying federal income taxes. For the tax year 2023, the standard deduction for a single filer is $13,850. However, if the widow qualifies as a head of household, the deduction increases to $20,800. It's essential to consider other factors, such as additional income sources or state tax regulations, which may affect the overall tax situation.
What is the responsibility of a cosigner when it comes to paying off a loan?
The responsibility of a cosigner when it comes to paying off a loan is to step in and make the payments if the primary borrower is unable to do so. The cosigner is equally responsible for the loan and their credit score can be affected if payments are missed.
Is the cosigner of a vehicle responsible for the negligent operation of the vehicle?
No. A cosigner is just responsible for paying it off if the negligent driver wrecks it and and can't work to make the payments.
If the cosigner has had possession of vehicle 15 months paying the payments does the primary have the right to the vehicle?
will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle will primary on a auto loan have right to the vehicle if cosigner has been paying loan for 15 months and has possession of vehicle
Should a co signer be told if something they signed for is getting repoed?
No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.No. The cosigner should make certain the loan payments are being made since they guaranteed the loan would be paid back. If the primary borrower isn't paying then the cosigner must pay or their own credit record will be ruined and the lender can go after them for payment.
If a car is in your name as the primary but your cosigner has been making payment for the last year and many of those payments have been paid late can you legally take that car from the cosigner?
Since the cosigners isn't paying, unless you start paying instead, and catch up on all late payments, the dealer or the bank will repossess the vehicle shortly anyway, so your question is moot.
Can the cosigner of a student loan be removed when the loan owner stopped paying because she was convinced to by a third party who used defamation of character against the cosigner?
It may depend on your local state laws, but generally, no. Once you cosign, you are liable for payments if the other stops paying, no matter the reason.
Can you get your name off of a note as a cosigner?
ONLY by paying the loan off or refinancing with someone elses good credit. NEVER CO-SIGN UNLESS YOU CAN AFFORD TO GIVE THE MONEY TO THE DEBTOR.
Can a cosigner take property if they haven't made any payments?
a co signer has a right to protect their credit- if you are not paying then legal action can be taken by the co signer
Can a cosigner who is on the title of a leased car be sued for not paying any payments on the car when the primary leasee is paying off the loan?
First of all it would not be possible to be on the title of a leased vehicle, as the leasor retains ownership rights. A cosigner is only responsible for the debt if the primary borrower defaults on the lending agreement.
What happens when you are paying and they say it is not enough?
Grab all yu can and get the heck outta there what can happen when you are making monthly payments on a debt,debtor says its not enough?
If someone cosigned a lease to your apartment can they take their name off the lease even if you have been paying the payments?
No. Once a cosigner has signed the contract the only way they can be removed from the responsibility is a new agreement being made without the assistance of the original cosigner.
Can the cosigner repossess the car if the person is not making the payments?
If the co signers credit is going to be affected because of the lack of payments from the payee, and if the co signer is paying for the payments, then yes the car can be given over to the co signer, especially if the payee is not paying for the car that was agreed upon. check with the finance companies, and your local state, county laws.
