I have two questions -
My daughter fell short on her mortgage and delinced, in order for her to move into new home, I will need to draw mortgage and home under my name so she can move in -
Questions -
1) My current home in Illinois is fully paid off (0 mortgage) which is my Primary Home. The new home in MO will be considered Second home. Can I claim, MO home as Primary Home even if I live in illinois?
2) Other than securing loan and home under my name, my daugher will be paying mortgage, all expenses for new home. I don't know whether she can pay loan directly or I will have to pay on her behalf. In that case, if she pays me and then I pay mortgage, how do I show that money (as a rent or something else)?
3) If I continue to use my current home in IL as a Primary Home, will I be able to deduct mortgage interest and taxes on my return for MO home?
