Can I claim house mortgage on my taxes if I’m only the co-signer? House belongs to my sister and I only owe 0.5%.

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Anonymous

you say you owe .5%. what does this mean? if you are a co-signer your liability is the entire mortgage amount.

do you have an ownership interest in the property? in other words, does your name appear on the deed?

to be qualified residence interest the debt must have been incurred to acquire, construct, or substantially improve your main or second home. your ownership % is irrelevant as long as its greater than 0% (REG 1.163-1(b)

maridutra19Author

Level 2

Hello, yes my name appears on the deed. My sister (main owner) is paying mortgage, however she doesn’t work so she would not claim the house as she doesn’t file for taxes. So my question is, given that I’m a co-signer and my name is on the deed if I could claim it.

Anonymous

the IRS says yes as per reg 1.163-1(b) since you are a legal owner.

(b) Interest paid by the taxpayer on a mortgage upon real estate of which he is the legal or equitable owner, even though the taxpayer is not directly liable upon the bond or note secured by such mortgage, may be deducted as interest on his indebtedness.