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Who can Claim Mortgage interest on taxes

Asked Feb 11, 2009, 06:31 AM — 3 Answers
Who can Claim Mortgage interest on taxes.

I have paid my mothers mortgage (principal and interest) all year.

Can I claim the mortgage interest I paid even though my name is not on Loan?

Kind Regards,
Joe

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ScottGem's Avatar
ScottGem Posts: 58,113, Reputation: 28145
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#2

Feb 11, 2009, 08:19 AM


Only the loan holder can claim the interest. The 1099 issued by the lender will be inthe loan holders name and SSN
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fljrc3's Avatar
fljrc3 Posts: 15, Reputation: 1
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#3

Feb 11, 2009, 10:15 AM
Quote:
Originally Posted by ScottGem View Post
Only the loan holder can claim the interest. The 1099 issued by the lender will be inthe loan holders name and SSN
I was afraid of that. Is there anything I can do about this coming year?

Also Do you know if I can claim the Property tax portion on my taxes?
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ScottGem's Avatar
ScottGem Posts: 58,113, Reputation: 28145
Computer Expert and Renaissance Man
  
#4

Feb 11, 2009, 12:58 PM


If you aren't the owner then no. In fact, its possible these amounts can be considered a gift to your mother and subject to gift taxes.

What you might be able to do is claim mom as a dependent since you are providing a significant amount of her support.
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