NateTheGrEAt
Expert Alumni

Get your taxes done using TurboTax

Hi @bensonfitch-iclo - thanks for your question!

 

There's one piece of information that wasn't in your question - namely, who lives in the house? All of you? Or just the daughter?

 

If you all live there and jointly contribute to the mortgage payment, then you're all entitled to deduct your share of the interest paid. (For example, assuming there are 3 of you, and you made equal payments, you would each deduct 1/3 of the total mortgage interest). Since your SSN is on the Form 1098 that the lender sends, you will report this as interest on a Form 1098. The other co-owners would report their portion as interest not on a Form 1098, since there is no 1098 in their name/SSN. 

 

If only the daughter lives there, depending on whether the house could be considered a second home for you, you might be able to have the same treatment. You are allowed to deduct mortgage interest on a first and second home. 

 

I hope this information was helpful!

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