IRS or Divorce Attorney……?
Friday, May 28th, 2010 at
9:28 am
In a past divorce, my wife was given the house. The divorce papers say nothing about the loan, just that she gets the house and all the contents.My name was still on the loan along with hers. I did not make any payments on the loan. I recieved an interst statement today from the loan company with my SS# on it. Can I deduct any portion of the interest on my return???
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of course you can’t, you didn’t pay the loan or the interest……
You should contact a CPA for that question but more than likely you can’t. You should, however, have your ex get the loan in her name so that you won’t be responsible for the loan. Even though the divorce degree says she has the house you are still responsible for the loan if your name is on it. That can be a problem if you want to get a loan for a house yourself. Any credit that goes on that loan is yours as well-good or bad.