I live in my parents house and pay the mortgage payment, in their name. can I claim that as rent on my income tax?

I live in my parents house and pay the mortgage payment, in their name. Can I claim that as rent on my income tax Asked by txgrl 10 months ago Similar questions: live parents house pay mortgage payment claim rent income tax Business > Taxes.

Similar questions: live parents house pay mortgage payment claim rent income tax.

No. At least not the way you are describing. The main question for you: ON the mortgage contract, who/what is the owner?

You or them? Which really means - who legally owns the house? If their name is on the mortgage and the 1098 form from the mortgage company, then technically *they* paid the mortgage (even though you actually did it).

Basically, if you are paying, you need to reflect that legally on the mortgage contract. And there is no deduction for paying rent. TO anyone.(that is, as a person.

If you are a business, that's different. ) .

You can't deduct the mortgage payment as rent. Rent is not tax deductible. You might have been able to deduct the mortgage interest on your taxes if you are legally liable for the loan and the people who own the debt are not related to you.

Since they are your parents, there is not a true debtor-creditor relationship. You best course of action is to have your parents take the mortgage interest deduction on their taxes, and have them give you the portion of their refund as a partial reimbursement for the payments you made.

Nope. Unless I am really mistaken, you have to be an owner of the house to get the morgage deduction. And you cannot claim personal rent on income tax at all, unless you use part of the residence as a business office - and there are really strict guidelines of doing that.

You can't just put a card table and a computer in the tv room and declare it an office.

It does not matter, rent is not deductible. The only thing deductible is the interest on the mortgage and the property taxes. What you should do is have your parents sell the house to you using an all inclusive trust deed.

This is gives you title. But they keep the loan in their name. You can deduct the interest then.No one at the mortgage company knows you did this.

It is all private party. If you are audited, you just show them the paper work. Hope this helps.

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I live with friends and I pay for some utilities but no rent. Do they need to declare this as rental income?

How do you pay taxes on a large prize, i.e. A house, when you don't have enough cash & the IRS demands payment up front?

My mom passed away and left four of us the house as well as her vanguard account. I live in PA...do I have to pay taxes.

Do security home companies pay local income taxes.

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