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Family Lent the Mpney |
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My husbands family paid for us to build our own home. We have no mortgage at this time however we are making payments to the family. We wondered how we go about getting the deed to our home or do we get one? We do pay the property taxes , insurance etc... all in our name. we want to make sure our ducks are in a row for income tax time. Thanks for all your help
Julie |
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If you own the land, you own anything built on it. Deeds almost never mention buildings anyhow.
If you don't own the land, whoever does can turn it over to you by signing a new deed and giving it to you. If they don't, the house belongs to them.
As for income taxes: if you don't own the land, you can't take the property taxes as a deduction, because you're not obliged by law to pay them. And whoever owns the land can't deduct the taxes either because they didn't pay them. If, on the other hand, you do own the land, you're entitled to the deduction.
About the mortgage interest: again, it makes a difference if you own the property. And in any event, you can deduct the interest paid only if there's a mortgage document entered in the public records. You could then deduct any interest you actually paid, and the family that receives it would declare it as income.
Hope this helps. |
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Edith
Originally published on September 30, 2007 |
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