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How can my daughter get income tax credit if she pays the taxes and mortgage payments on a home tht is in my name

by corkyandyaya645 from Bala Cynwyd, Pennsylvania. Feb 22nd 2017 Reply


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Feb 22nd 2017
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Shouldn't matter as long as you aren't also claiming the deduction.

Feb 23rd 2017
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Jamie Ware (YourMortgageGuy)
#73 ranked lender in Pennsylvania - 44 contributions

She would only be able to claim and receive the tax benefits if she was deed to the house and on the mortgage. I would talk to a CPA about this situation.

Feb 23rd 2017
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Bert Carpenter (BertCarpenter)
#39 ranked lender in Arizona - 1,815 contributions

According to the IRS, in order to deduct mortgage interest or property taxes, the taxpayer must be obligated to pay them AND actually pay them. This means that your daughter is actually on title as an owner, on the note as a borrower AND she actually made the payments. I am aware that in most cases, if she pays them, even if not on the title or note, as long as these items are not deducted by another person (like you), generally the IRS doesn't care. If she chooses to deduct them, she needs to be aware that there is a risk, although a small risk that she could be subject to an audit and the IRS auditor may disallow the deduction. I know many people that have taken the risk and nothing ever came of it. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in Arizona (AZLO0911876 / AZBK0902429), Washington (WALO40586 / WACL3087) and California (CADOC40586 / CAFLL6036566). We are licensed by the CA-DBO under the CFLL and CRMLA. Loans made or arranged pursuant to CFLL or CRMLA license. ~ www.LoansA2z.com ~ 888-889-9950

Feb 23rd 2017
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,008 contributions

Much more info needed to answer your question.. The IRS rules are very different based on occupancy (Primary residence, 2nd home, investment, etc) whether or not she has another property(s), and whether or not she is collecting any income from you to go towards the mortgage.. The best advise I can give you would be to check with your CPA or tax specialist.. let them know your exact scenario, and they should be able to guide you from there.. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Feb 23rd 2017
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