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Mortgage Interested Paid
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Frances
Jan 7, 2010, 1:26:54 PM1/7/10
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We (Me and my Husband) "purchased" our house from his Grandparents.
They still have a half life estate on the house. We paid off the
reverse mortgage they had on the house as well as other loans. His
Grandparents are our dependents (we pay for their food, utilities,
medical, etc.). When we paid off the reverse mortgage there was
mortgage interest paid. Can we claim the mortgage interest paid on
our taxes?
They still have a half life estate on the house. We paid off the
reverse mortgage they had on the house as well as other loans. His
Grandparents are our dependents (we pay for their food, utilities,
medical, etc.). When we paid off the reverse mortgage there was
mortgage interest paid. Can we claim the mortgage interest paid on
our taxes?
paulthomascpa
Jan 8, 2010, 8:06:35 AM1/8/10
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"Frances" <franc...@gmail.com> wrote
If it was their reverse mortgage, then no, you can't deduct what they were
responsible for. And since they didn't pay it, they can't take it either.
Add the mortgage (P&I) paid to your cost basis, in the event that there is a
sale down the road and you need to compute any gains.
--
Paul Thomas, CPA
www.paulthomascpa.com
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