mortgage interest and taxes - Posted by Dave (CA)

import · December 11, 2000, 5:59pm

Posted by Dave (CA) on December 12, 2000 at 10:06:04:

I would agree that you’ve made a commitment to the seller, but the IRS could come back and say that you can walk away without any recourse and thus you aren’t financially responsible.

import · December 11, 2000, 5:59pm

Posted by Dave (CA) on December 11, 2000 at 18:59:02:

If you take a home subject to and start making the payments, can you still deduct the mortage interest even though your name isn’t on the mortgage? I recall reading something awhile back that said the IRS required you to have financial responsibility in order to make use of the interest deduction. Also, what about the case where 2 people purchase a property. Can one of them take the full deduction even though both names are on the mortgage?

Thx,
Dave

import · December 12, 2000, 9:24am

Re: mortgage interest and taxes - Posted by JPiper

Posted by JPiper on December 12, 2000 at 10:24:49:

You can write off the interest on a subject to deal…you’re making the payments.

JPiper

import · December 11, 2000, 10:00pm

Re: mortgage interest and taxes - Posted by dewCO

Posted by dewCO on December 11, 2000 at 23:00:54:

If you’ve taken it over subject to, then you have the responsibility for making the payments. Isn’t that what you told and promised the seller?

I’m not the tax expert but it would work the same way with more than one, as long as between all of you , only the total amount paid is allowed to be the deduction for all of you.