Help Please...need Advice
i am currently living with my furture wife. we have purchased a home however the mortage in under her name solely (due ot the fact my credit is in the procees of being fixed).
both or names are on the deed though
she makes a very minimal salary on the books and my deductions would net a much higher return.
my questions are as follows
1) am i able to write off the mortgae interest and property taxes being that I am not on the mortage statement.
2) what filing status should I be using for 2004 returns? should i claim a head of household? her yearly reported income is around 20k, mine is a little over 80k.
you really need to talk to a accountant about this he/she is the only one who could truely answer this.
Did you make the mortgage payments? Did you put any money down for the purchase of the house?
we have made 8 mortage payments in 2004 mortage interest totaling $7000. there was no money put down on the house.
my question is can i claim it on my return without my name being on the mortgage?
does this help?
It is my understanding you do own a percentage of the land in a condominium. In a 100 unit condo, you own 1/100th of the common areas, if you own one unit.