Home Equity Loan...My ex help me purchase a home equity loan?
which I guess is considered a first mortgage for my home stern within 2004. We hold since divorced but the agreement be that I would verbs paying payments as I live in the house and own the home. I enjoy made payments prompt never anyone belated and never missing a gift. The title to the house is surrounded by my moniker. He have not and does not gross any payments on the house. Our divorce be friendly and we merely in words agreed that the house is mine and I would form adjectives payments. My grill is this. The loan is within his designation near me as a co borrower. Can I claim the interest at rates time? We are divorced, he have remarried. I folder single near no dependents and man competent to claim the interest would be an added bonus at toll time.
Thanks a bunch
Answers:
Yes. The papers from the ridge should come to you. If they go to your ex, he should own forwarded them to you. I would bid the sandbank and ask because if you haven't file since 2004 on your mortgage interest, consequently something is wrong.
Although I am not a CPA and can NOT pass trial suggestion on your taxes, I can say-so that to the best of my wisdom (as a Financial Advisor and Mortgage Banker) you can at the oscillate lowest possible claim the interest from the date of the divorce paperwork. If you can prove that you own be making the payments adjectives along (i.e. cancelled checks, edge statements, etc. - near your nickname on them only) you can definately claim adjectives the interest payments.
are you sure you enjoy sole ownership to the house?! if his mark is on trust action and you are paying adjectives the mortgage he have a claim to the title...check your accountant & attorney for this issue. And check Interest conjecture issue next to accountant too..
PLEASE...step speak to an attorney, a rates professional or CPA. They would be the best ones to insist on you. I doubt in attendance is anyone on Y/A who is REALLY qualified to answer your give somebody the third degree.
CYA..my dear.CYA...the BEST warning anyone can confer you!
Yes you can write it past its sell-by date as this is your primary residents.
Even though it be a "friendly" divorce, you may want to look at doing a refinance at some point to help yourself to him past its sell-by date of the loan. Also produce sure that you remove him from the title of the property if you haven't already done so. I would revulsion to see something come fund and bite you next on. (Tax lien, judgement of some sort, regulation suit of some type...)
You'll really want a excise legal representative on this. I believe you'll know how to, but I'm not sure.
As for the Home Equity Line Of Credit (HELOC), are you paying more than in recent times the interest? Is in attendance adequate equity surrounded by the home that you can rob out one yourself and wages his bad entirely? This will of course allow you to claim the interest payments on your taxes afterwards. =)
You might also try to refinance the home to draw from rid of the HELOC...
I am not an accountant, but I do know that the being who pays the interest get the conclusion. Something similar occur near me years a stir, but it be Interest income not expense, the IRS thought I be declare it, after realize I wasn't reception it and allowed it as income on the addressee. I would suggest you notify the edge and translate the christen, showing them the divorce edict, but read the loan agreement first! the ridge could give the name the loan within, on emergency, as a hi-tech failure to pay. Good luck
Well the first cross-question to ask is how much is the once a year interest on the mortgage? And do you own other expenses that you can discount if you itemize? You any draw from to itemize OR clutch the standard presumption (which for single no dependents for the 2007 levy year will be $5,350)
If your mortgage interest and genuine estate taxes are over $5,350, its a no brainer you itemize. If its not after you want to digit out if you hold other deductible expenses that will appropriate you over the $5,350 threshold.
Careful nearly some of the other proposal, you can ONLY subtract interest in that tariff year (such as 1/1/06-12/31/06)
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Thanks a bunch
Answers:
Yes. The papers from the ridge should come to you. If they go to your ex, he should own forwarded them to you. I would bid the sandbank and ask because if you haven't file since 2004 on your mortgage interest, consequently something is wrong.
Although I am not a CPA and can NOT pass trial suggestion on your taxes, I can say-so that to the best of my wisdom (as a Financial Advisor and Mortgage Banker) you can at the oscillate lowest possible claim the interest from the date of the divorce paperwork. If you can prove that you own be making the payments adjectives along (i.e. cancelled checks, edge statements, etc. - near your nickname on them only) you can definately claim adjectives the interest payments.
are you sure you enjoy sole ownership to the house?! if his mark is on trust action and you are paying adjectives the mortgage he have a claim to the title...check your accountant & attorney for this issue. And check Interest conjecture issue next to accountant too..
PLEASE...step speak to an attorney, a rates professional or CPA. They would be the best ones to insist on you. I doubt in attendance is anyone on Y/A who is REALLY qualified to answer your give somebody the third degree.
CYA..my dear.CYA...the BEST warning anyone can confer you!
Yes you can write it past its sell-by date as this is your primary residents.
Even though it be a "friendly" divorce, you may want to look at doing a refinance at some point to help yourself to him past its sell-by date of the loan. Also produce sure that you remove him from the title of the property if you haven't already done so. I would revulsion to see something come fund and bite you next on. (Tax lien, judgement of some sort, regulation suit of some type...)
You'll really want a excise legal representative on this. I believe you'll know how to, but I'm not sure.
As for the Home Equity Line Of Credit (HELOC), are you paying more than in recent times the interest? Is in attendance adequate equity surrounded by the home that you can rob out one yourself and wages his bad entirely? This will of course allow you to claim the interest payments on your taxes afterwards. =)
You might also try to refinance the home to draw from rid of the HELOC...
I am not an accountant, but I do know that the being who pays the interest get the conclusion. Something similar occur near me years a stir, but it be Interest income not expense, the IRS thought I be declare it, after realize I wasn't reception it and allowed it as income on the addressee. I would suggest you notify the edge and translate the christen, showing them the divorce edict, but read the loan agreement first! the ridge could give the name the loan within, on emergency, as a hi-tech failure to pay. Good luck
Well the first cross-question to ask is how much is the once a year interest on the mortgage? And do you own other expenses that you can discount if you itemize? You any draw from to itemize OR clutch the standard presumption (which for single no dependents for the 2007 levy year will be $5,350)
If your mortgage interest and genuine estate taxes are over $5,350, its a no brainer you itemize. If its not after you want to digit out if you hold other deductible expenses that will appropriate you over the $5,350 threshold.
Careful nearly some of the other proposal, you can ONLY subtract interest in that tariff year (such as 1/1/06-12/31/06)