Who can claim the home mortgage interest deduction?

Just a little financial advice from Coach Credit and friends:

You can only claim the mortgage interest deduction on your tax return if you are liable for the repayment of the loan.

In other words, you must be named on the mortgage.

The tax court has recently ruled against a taxpayer who was trying to claim her boyfriend's mortgage interest on her return.  Although she was making the payments on the loan, the mortgage note was under the name of her boyfriend only.  As a result the court ruled against her deduction and she had to pay the fines and penalties associated with the corrected tax return.  (Wheeler, TC Summ. OP. 2011-83)

So an important lesson to be learned is that the IRS is serious about enforcing this deduction and are performing more audits on returns that claim the mortgage interest deduction.

100 Urban Entrepreneurs in Atlanta Sunday Night! Watch for the next one!

100 Urban Entrepreneurship Programs

100 Urban Entrepreneurship

6:30 PM - 9:30 PM  Nov 13, 2011

---

BAR ONE ATLANTA
687 MEMORIAL DRIVE, ATLANTA, GA (GRANT PARK)

HOSTS:
JAMES ANDREWS, SOCIAL PEOPLE TV
CLYDE ANDERSON, FINANCIAL LIFE CONNECTION
JODI BROCKINGTON, NIARA CONSULTING AND 100UE

SCREENING OF CNN’S “BLACK IN AMERICA 2” BEGINS AT 8 P.M.

Location:  BAR ONE ATLANTA 687 MEMORIAL DRIVE, ATLANTA, GA (GRANT PARK)

Coach Credit attended this event last night and his take on the event was
"Well rounded professional group of visionaries. Great dialog and specific finance feedback. Invest Atlanta is headed in the right direction. Great job Clyde and James!"

#OWS - Occupy the Voting Booth!

Coach Credit Give Away

 

Coach Credit is giving ONE iPod Nano Away!

 You must go to Gold's Gym in McDonough, GA to participate!

Cold Reality- Credit is Required

Every aspect of today's society requires elements of credit. People are having difficulty receiving open lines of credit because banks are still reluctant to extend to small businesses. The cold reality is simple, focus on your end results now before it is too late. Need to Repair Your Credit?  Come See About Oliver Adams and true credit coaching...