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[lanelle17]

Hi... I have a general question.

My parents bought a house and we pay the mortgage. For now, we are "renters" to the mortgage company. Our plan is that when mine and my husbands credit is cleaned up, we will put the hoome into our names. Until then we will be "renting" and my parents want us to pay the taxes and interest at the end of the year. Does paying the taxes and interest give us the right to claim this on our taxes? I'm not sure if I find it fair for us to pay them and my parents get the detuction... Also, we live in CA. Does anyone know what the taxes would be on a home that was purchased for $242k and assessed for $480k?

Please help me...
thanks

[huntingjohn123]

that's a tough question. i think you should search for a forum which focus is on tax issues rather than real estate. good luck!

btw, when assuming that you are 17 years old it might be a little unfair to make you pay all that...

[Dallas Broker]

that is a tough cookie! I would contact an accountant and see if there is a way around. Maybe explain your issues to parents as well and see if they can gift you some funds per year to account for liability you are having to incurr. Also, contact a real estate agent in CA for information on taxes for 480K value. Not sure what taxes will be, but if in texas where I work, very high, even with your homestead discount of 20%!

[lanelle17]

That was a great answer... Thank you so muct for your help, DALLAS BROKER!!!

[Dallas Broker]

glad to help lanelle! I have some friend who live in CA and absolutely love it. My wife and I and about to take a trip out there soon for some R and R and kick back in OC. Also, you might check out this link for more information on CA tax. This will give rates, FAQ and other helpful tools and resources. The more informed you are the best you will know how to approach the issue at hand. You can also use this as ammunition for your parents....

http://www.californiataxdata.com/A_Free_Resources/faq.asp

[matt16122]

Your parents had to buy the home for you....."ur renting".....and your complaining they are claiming x amount on their tax and your not.......If you can't pay your "rent" who gets stuck with the bill???