topic Hello, My wife and I were added to the deed of the home that i live in, but we are not on the mortgage. Should i still list that i own a home? in Deductions & credits

Hello, My wife and I were added to the deed of the home that i live in, but we are not on the mortgage. Should i still list that i own a home?

djpstyles — Sat, 27 Feb 2021 22:10:14 GMT

Hello, My wife and I were added to the deed of the home that i live in, but we are not on the mortgage. Should i still list that i own a home?

Re: Hello, My wife and I were added to the deed of the home that i live in, but we are not on the...

KrisD15 — Sat, 27 Feb 2021 22:26:29 GMT

You may.

It may not make a difference in your tax liability; however, if you do have an interest in the home and make payments, such as for Property Tax or to the lender directly towards the mortgage, you may be able to claim those deductions.

Re: Hello, My wife and I were added to the deed of the home that i live in, but we are not on the mortgage. Should i still list that i own a home?

Hal_Al — Sat, 27 Feb 2021 22:46:55 GMT

Q. Should i still list that i own a home?

A. Yes.

If you make the mortgage payment, you may take the mortgage interest deduction because you have a "beneficial interest" in the mortgage, even though your name is not on the mortgage.