Neither. To deduct interest on a debt, the taxpayer must be legally liable for the debt. Assuming you are not a signer on the home equity loan, you cannot deduct the interest.
In order to deduct interest paid on home equity loans, the proceeds must have been used exclusively to buy, build, or substantially improve the taxpayer's home that secures the loan. If the home equity loan proceeds were use as down payment assistance for your house, they would not qualify.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
