Can I Deduct Interest Paid If..............>
I make all the mortgage payments on
the house I live in with my girlfriend?
We were living together when it was purchased in her name. I gave her
money to put down on it & have made all the mortgage payments the entire ~7 years we have lived in it.
I currently have no deductions, & take a
CONSIDERABLE hit with my
taxes . <IMG SRC="images/forum/smilies/icon_cry.gif">
I live in Texas, & we are NOT common law, as we dont meet the necessary requirements.
Thanks in advance for any & all help, it sure would be nice to keep some of the
$15-20,000 I pay in.
- Cam
EDIT: She does not claim the interest herself.
[ Edited by CAM on Date 02/10/2004 ]
You can deduct home mortgage interest if your name is on the loan (even though your girlfriend is on title as a sole owner).
Otherwise, just consider the mortgage payments you have been making all along as a tax free gift to your girlfriend.
Check you state's community property rules to see if you have any rights anyway despite my opinion.
Thanks Dave,
But no, my name is not on the note. After
other digging, I fear the answe to my
question is "NO".
I only started questioning it as an aquaintence of mine mentioned he has been taking the write-off in a similar situation as his tax preparer told him it was o.k. to do so.
Just got my hopes up is all....
- Cam