If my mom financed my home, but I have been making all the payments and I am on the deed as joint tenant...?

Question

am I for all intents and purposes also "the homeowner" for tax exemptions and such? I would be eligible for a handicapped homeowners exemption is why I ask. I live in Cook County IL

Answer 1

Assuming that you are not on the NOTE (?) you are not the person that gets the tax benefits.  Being just on the deed gives you rights to the property but not tax excemptions etc.

Answer 2

Check with a lawyer. However, if you are on the deed, then you are one of the homeowners. I would guess that Cook County would also want to verify your actual location of residence.

The name on the mortgage (in this case, your mom) has nothing to do with who owns the property. That's determined by the deed.

Hope that helps.

Answer 3

For the purpose of itemizing and getting the full value of your mortgage interest deduction, you are not eligible because your name is not on the loan. That your name is on the deed is not relevent to the interest deduction.

To be eligible for the interest deduction, the loan would have to be in your name.