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Old 02-05-2017, 08:22 PM
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Interest deduction with co ownership

My daughter and son in law bought the house I live in about 5 years ago because I had a short sale and could not get a lone. I have made all of the payments since it was purchased. This past year my name was added to the deed. Can I deduct the interest on the mortgage even though my name is not on the loan?



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Old 02-05-2017, 11:20 PM
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Originally Posted by Treecat View Post
My daughter and son in law bought the house I live in about 5 years ago because I had a short sale and could not get a lone. I have made all of the payments since it was purchased. This past year my name was added to the deed. Can I deduct the interest on the mortgage even though my name is not on the loan?
Yes, Before you can write off your mortgage interest on your 1040, you need to have an ownership interest in the propertyif you?re a legal owner of the home and pay the entire mortgage, you can claim the full amount of mortgage interest and taxes [if you paid]if you itemize on Sch A of 1040.You can deduct home mortgage interest if You file Form 1040 and itemize deductions on Sch A of 1040 I mean you need to itemize deductions on your return
; The mortgage is a secured debt on a qualified home in which you have an ownership interest. The IRS allows you to deduct mortgage interest only on loans that are secured by your main home or your second home. If your mortgage is not secured by your home, you can't take a deduction for the interest, regardless of whose name is on the deed or who makes the mortgage payment.



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