Solved: Im trying to figure out my federal taxes interest on my house loan. My morgage is done thru my mom and wells fargo. I took out a small loan from Georgia own credit union.
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

Im trying to figure out my federal taxes interest on my house loan. My morgage is done thru my mom and wells fargo. I took out a small loan from Georgia own credit union.

My name is not on the Mortgage but it is on some of the other documents. The small loan from Ga Own is solely in my name. 

 

1 Best answer

Accepted Solutions
Level 15

Im trying to figure out my federal taxes interest on my house loan. My morgage is done thru my mom and wells fargo. I took out a small loan from Georgia own credit union.

For your primary residence or 2nd home, the only thing you can deduct is the mortgage interest reported on the 1098, and the property taxes paid in the tax year. If your name/SSN is not on the 1098, then the only way you can claim the mortgage interest is if you have a "legally enforceable obligation" to pay it. So if you are a co-signer on the loan, you're good to go.

Same goes for property taxes too. If your name is not on the deed to the property, then you don't have a legally enforceable obligation to pay those taxes. In such a case, you can't claim/deduct property taxes, even if you do pay them. But from what you say, or at least the way I interpret what you are saying, this isn't an issue for you.

Now, is this "small loan" you refer to, separate from the mortgage? If the loan is not a secured loan with your residence as the collateral, then the interest is not deductible.

View solution in original post

1 Reply
Level 15

Im trying to figure out my federal taxes interest on my house loan. My morgage is done thru my mom and wells fargo. I took out a small loan from Georgia own credit union.

For your primary residence or 2nd home, the only thing you can deduct is the mortgage interest reported on the 1098, and the property taxes paid in the tax year. If your name/SSN is not on the 1098, then the only way you can claim the mortgage interest is if you have a "legally enforceable obligation" to pay it. So if you are a co-signer on the loan, you're good to go.

Same goes for property taxes too. If your name is not on the deed to the property, then you don't have a legally enforceable obligation to pay those taxes. In such a case, you can't claim/deduct property taxes, even if you do pay them. But from what you say, or at least the way I interpret what you are saying, this isn't an issue for you.

Now, is this "small loan" you refer to, separate from the mortgage? If the loan is not a secured loan with your residence as the collateral, then the interest is not deductible.

View solution in original post

Dynamic Ads
v
Privacy Settings