Posts Tagged ‘Property Deed’
How can IRS know if I actually paid or my mom paid the tax and mortgage interest before I was on Deed and Mort
Wednesday, October 28th, 2009Hi, this is a follow up question to my original.
Most have said I cannot deduct the mortgage interest and property tax that was paid on this property that I was put on deed toward the end of the year.
How can IRS actually know that it wasn’t me paying this?
If I provide funds to my mom earlier this year to make her mortgage payments and tax payments, isn’t that considered me paying for it?
At the end of the year, the mortgage companies will have both my name and my moms on the 1099 as well as the property tax reciept with both my name and hers since by the time they generate this i will be on the deed too right?
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I would like to buy a tax foreclosed house, but the county will only sell it to the current tenants?
Tuesday, October 13th, 2009The current tenants, (my neighbors), cannot afford to purchase this house, the house I grew up in, and they offered it to me before it would go to the county treasurer and they would sell it on the market for 10x what they will sell it to them for.
I would like to purchase it, have the money, but the county says they will only sell it to my neighbor, and only in my neighbors name, however I could be a lien holder by putting the money up for the house and making a mortgage contract. My neighbor has already expressed to me that he has no intention of buying it, and in fact plans on moving. The county came up with the plan for me to put up the check, and place a mortgage lien against the title (this would protect my interest in the property). At this point, my neighbor says he would just sign over the title to me and I could charge off the loan. This sounds straightforward enough (jumping through the county’s hoops), but would there be any problems that could arise from this?
My neighbor is a good guy, and I explained that to him, but that I still need to financially protect my interest, and he is fine with that. It comes down to:
Is it legal? Would him signing over the title to me force the sale of the property (ideally I want to keep the property, and have the deed in my name). Can anyone else recommend a different way to approach this. The county is dead set on the requirement that the title be in his name.
Thanks in advance for any advice.
