California | Tax Law
12/09/05, 12:33 pm
Legal Question
Homeowner Interest Tax Benefit
BACKGROUND: I am considering going in on half of buying a home with my girlfriend. Her credit is better than mine and she will be a first-time-buyer (lower rates than I), so we may be getting the home loan under her name only. I am planning on getting an outside contract written-up claiming half interest in the home including paying half of all costs.
QUESTION: I want to be able to claim and deduct half the home mortgage interest paid on my income tax. Can I legally do that if my name is not on the home loan but on an outside contract stating I have the rights to half of all interest in the home?
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