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Get your taxes done using TurboTax
IRS Publication 936 states:
"You can’t deduct home mortgage interest unless the following conditions are met.
You file Form 1040 or 1040-SR and itemize deductions on Schedule A (Form 1040).
The mortgage is a secured debt on a qualified home in which you have an ownership interest. Secured Debt and Qualified home are explained later."
Points are handled differently, and usually spread over the life of the loan.
See https://www.irs.gov/taxtopics/tc504
If you paid for part of the loan, your payments may be able to be considered a gift to your daughter, and she may be able to deduct the payment.
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March 29, 2022
5:03 PM