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Deductions & credits
This is a judgement call where no clear precedence has been established. In this case, you have the ownership interest in the home thus you can deduct interest on the loan, not the person who helped pay the loan to bring it up to date.
You are liable to pay back the loan at the end of the loan so in my opinion, you are entitled to claim the mortgage interest paid because at some point, you will need to pay that good Samaritan back at some point.
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‎February 17, 2022
3:31 PM