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I took over house payment from my brother can i claim the house on my 06 income tax?
i have paid for the morgage for the last 4years he live with me and i claim him as dependent he didn't work and didn't claim income tax in the last 5 years. title of the house and the farm are in his name he bough them before he lost his job.
3 Answers
- Anonymous4 years ago
you're able to deduct the interest on a loan for a known or 2nd place of residing. you could by no skill deduct the correct. you additionally can deduct the advert-valorem assets taxes paid. you ought to itemize deductions to get any make the main of the residing house loan interest and assets tax deductions. If the totals are below some time-honored deduction ($5,350 for single or $10,seven hundred for Married submitting at the same time) then this is not well worth claiming it.
- rammanLv 41 decade ago
You can claim it, you will need to have your brother fill out a form (I think it's a 1099, it's the same form the lender sends him, you can download a blank one on irs.gov). Just fill it out for the same amount as the one for the bank. Since, for your brother this interest income will be offset by the interest expense, there is no gain for him to pay taxes on.
If you don't fill out the form, there is a spot on your income tax to fill in the name of the person you paid interest to, in the event that you didn't get one of those interest payment receipts.
