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2mo ago

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You purchased a home with your parents you both live there you both pay a portion of the mortgage you both are on the title however you are the only one on the mortgage. Can parents deduct interest?

No, according to IRS Publication 936 only the person(s) legally liable to pay on the Note qualifies to claim the deduction. http://www.irs.gov/pub/irs-pdf/p936.pdf


Can you deduct interest from a large family loan?

Nothing that is included in the above information would make the interest payments on the family loan deductible on your 1040 income tax return. To be deductible on your 1040 federal income tax return it would have to be a legal qualifying mortgage. Or legal collectible loan for a business or investment purposes, etc. Both you and the lender must intend that the loan be repaid. In addition, there must be a true debtor-creditor relationship between you and the lender. *The mortgage must be a secured debt on a qualified home in which you have an ownership interest. (Generally, your mortgage is a secured debt if you put your home up as collateral to protect the interests of the lender. The term "qualified home" means your main home or second home. For details, see Publication 936.) For more information go to the IRS gov web site and use the search box for publication 936


What is 720 quid in US dollars?

As of my last knowledge update in October 2023, the exchange rate for British pounds (quid) to US dollars fluctuates. If we use a rough estimate of 1 GBP being around 1.30 USD, then 720 quid would be approximately 936 US dollars. However, for the most accurate conversion, it's best to check the latest exchange rates.


Can you deduct interest paid to your parents for a downpayment for a condominium?

Yes IF the loan is really a legal mortgage loan that meets the IRS rules for it to be a mortgage loan. This is possible when you and they meet the enclosed rules. Generally, home mortgage interest is any interest you pay on a loan secured by your home (main home or a second home). The loan may be a mortgage to buy your home, a second mortgage, a line of credit, or a home equity loan. You can deduct home mortgage interest only if you meet all the following conditions. You must file Form 1040 and itemize deductions on Schedule A (Form 1040). *You must be legally liable for the loan. You cannot deduct payments you make for someone else if you are not legally liable to make them. Both you and the lender must intend that the loan be repaid. In addition, there must be a true debtor-creditor relationship between you and the lender. *The mortgage must be a secured debt on a qualified home in which you have an ownership interest. (Generally, your mortgage is a secured debt if you put your home up as collateral to protect the interests of the lender. The term "qualified home" means your main home or second home. For details, see Publication 936.) For more information go to the IRS gov web site and use the search box for publication 936


If you are married but your name is not on the deed can you claim the house on your tax return?

No. You can deduct home mortgage interest only if you meet all the following conditions.You must file Form 1040 and itemize deductions on Schedule A (Form 1040).*You must be legally liable for the loan. You cannot deduct payments you make for someone else if you are not legally liable to make them. Both you and the lender must intend that the loan be repaid. In addition, there must be a true debtor-creditor relationship between you and the lender.*The mortgage must be a secured debt on a qualified home in which you have an ownership interest. (Generally, your mortgage is a secured debt if you put your home up as collateral to protect the interests of the lender. The term "qualified home" means your main home or second home. For details, see Publication 936.)