Father and daughter purchase home together. Father provides downpayment. Daughter lives in home, maintains home and pays mortgage. Father files married filing jointly with spouse. How can the down payment be reported? Is it an investment? If the house is sold in the future and the down payment is recovered, is that income?
No, the down payment is not reportable on a return as income or an investment.
When the home is sold, the down payment will be included in the cost basis of the property.
Although there are no tax breaks for the down payment. you can deduct the mortgage interest. property tax, and mortgage insurance you actually paid in 2017 in the below area:
· Type in mortgage interest in the search box, top right of your screen
· Hit the Enter key
· Click jump to mortgage interest in the search results
· Follow the prompts and online instructions
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