Can I claim a mortgage payment as rent on my taxes if I pay the mortgage but not on the loan or deed if I'm self employed ??

Asked almost 2 years ago - Los Angeles, CA

My husband and mother are on the title and deed. My husband will not make payments on the mortgage so I'm paying $2,800 a month plus utilities since August 2012. I own a home based daycare since 2007 in this home. We file separately. Can I claim the mortgage payment as rent on my taxes since I can't claim the interest on the mortgage ?? If I can't claim it as rent what can I claim the $2,800 payment as ??

Attorney answers (3)

  1. 5

    Lawyers agree

    Answered . The fact that you husband is on title does not tell the whole story? Was the property acquired during your marriage? Was the property gifted to your husband? If the house is community property, then notwithstanding how you file, you might be able to claim the property.

    As far as giving you a definitive answer, I dont think anyone will do that on this site because of IRS rules and regulations regarding tax advice. You really need to address this question to your CPA or tax preparer.

    The general advice above does not constitute an attorney-client relationship: you haven't hired me or my firm or... more
  2. 6

    Lawyers agree

    Answered . "Can I claim the mortgage payment as rent on my taxes?"

    If you are talking about using the rent as a business expense to offset income, yes you can do that. Individual taxes are difficult to file to begin with, adding a small business into your personal filings multiplies the complexity. You should really contact a CPA or tax attorney to help you with your taxes.

  3. 4

    Lawyers agree

    Answered . To be able to deduct the rent it would have to be a business expense of your Daycare business. Otherwise, the rent would not be deductible because it would be a personal expense. If the rent is for both your business and where you live it will have to be prorated. Consult with a local tax professional to determine how to make this allocation and whether this expense is partially a business expense or not.

    H. Daniel Lively, Esq., LL.M., CPA Certified Tax Specialist, CA Board of Legal Specialization dlively@... more

Related Topics

Deed to property

A deed is a written document describing a piece of real estate and documenting the transfer of ownership from one person (the grantor) to another (grantee).

Buying real estate with a home mortgage

A home mortgage is a loan to buy a home, where the home is the collateral. There are many different types, and the right one for you depends on your situation.

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