I beg to differ. if I remember right, you can clain your fiance charges IF YOU ITEMIZE. and I think even then it is limited to a percentage of that. problem is, you would have to have a lot to itemize in order to make it worth your while.
You are wrong, I am a tax examiner with the IRS. YOU CAN NOT claim credit card interest, even if you itemize…sorry…wish we could…
Thank you all for your replies. I had a few people tell me I could. It didn’t sound right to me but figured I would ask anyways.
can you deduct mortgage interest if the mortgage is in another name because made an agreement that they could get the loan for you with their credit scores higher and put you on the title asap, and you moved in and lived there and paid the full mortgage, not them? also, how can i get a lien off of my son’s credit which is inaccurate? sorry to bother you. Happy New Year! I believe the only person who can deduct mortgage insurance is the person who’s name is on the title. That loan for the house is on the person’s credit report for that debt as well, so they get the tax break for owning the loan.
As far as a lien on their credit report, all you have to do is file a dispute with the credit bureau, TransUnion, Experian and Equifax…Mail them a letter and mail it certified so that you know they received it. Once they receive it they have 30 days to review it and if it’s inaccurate, they have to correct it or delete it off the report. If they refuse your request, they have to contact you within 5 days after the 30 days and explain why they didnt change it.
It gets more complicated after this but start there first and see. Hope this helps… Tax on mortgage interest is tricky when the loan is not in your name. You may have noticed that the financial institution sends a statement with boxes indicating how much you can take off for interest. There is a name (and I think SSN) on this form so if what you deduct doesn’t match with what the govt gets from the financial institution, there may be an issue.
Others can probably answer the other question about the lien but I think you just need to contact the credit reporting agency.
By the way, I had two friends who would do their taxes differently each year. One worked and the other made his money on real estate. They were a gay couple so they would put the mortgage interest on whichever return would save them the most money.