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    klpasker's Avatar
    klpasker Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Jan 3, 2008, 10:08 AM
    Can we deduct anything on a rent to own home on our income taxes?
    My husband and I are thinking about renting to own his deceased Grandmother's home. His mother is the sole owner. The home mortgage is paid in full. She will charge us no interest, keep the insurance and property tax in her name but we will make these payments for her. Can we claim anything for this home on our income tax return?
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
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    #2

    Jan 4, 2008, 06:41 AM
    Hello k:

    The only thing a homeowner can deduct is interest. If you're not being charged any, you can't deduct any.

    Before you actually signed the agreement, I'd have a real estate attorney check it over. You don't want to pay on it for 30 years and then find out you did something wrong.

    excon
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Jan 4, 2008, 07:39 AM
    Actually on rent to own, the key word is rent, you don't own the home yet, and as such you can't deduct as a home owner since you are not the owner.
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