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07-23-2007, 01:45 PM
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mortgage taxes and itemizing multiple
mortgages? here is my situation. my parents own a house and the mortgage is under their names. they have VERY low income so every year at tax time i itemize the mortgage interest and get a huge tax refund as a result even tho the mortgage is in their names. Now my dilemma is this...i plan to buy my own house with the mortgage in my own name. can i itemize the mortgage interest from both properties and get an even HUGER refund?
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07-23-2007, 01:49 PM
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well...i'm pretty sure what you've been doing is against IRS law. let's hope you don't get caught there.
i guess instead the question you pose....i am wondering why your parents aren't itemizing and getting the refund? do they realize there is a refund or are you just taking it from them? i guess you could claim both for a larger refund...but you are ultimately gonna get caught on this....you can not use someone else's assets to better your income tax return....this is fraud ....i think you have bigger problems than your two mortgages here. good luck |
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07-23-2007, 01:51 PM
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Wait....
You are saying your parents own the home. You are personally taking off the tax right off for a home you dont live in or worse a mortgage you dont have? Then you are asking can you buy another house and do the same? And you are stupid enough to post this online? You can only take of the interest for the house that you legally live in as a principal residence or a second home, the second home can not be rented. I think they have a delete key for your question. If you are taking tax credit for a house you dont have a mortgage for or you dont live in.... well they have a nice 10 by 12 cell for you. Its illegal. Im not an attorney but why dont you call IRS and ask them this question and see what they say, they have an 800 customer service number. P.S. Those little cop cars showing up to arrest you will have nothing to do with this. |
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07-23-2007, 01:52 PM
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probably not considering you have been cheating the IRS all these years. you cannot claim the interest on a mortgage not in your name. I am surprised the IRS hasn't already sent you a nice letter.
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