If this is your home and main residence you can deduct the mortgage interest because your home secures the loan and you inherited it from your father. In other words you now own the home.
Secured Debt
You can deduct your home mortgage interest only if your mortgage is a secured debt. A secured debt is one in which you sign an instrument (such as a mortgage, deed of trust, or land contract) that:
- Makes your ownership in a qualified home security for payment of the debt;
- Provides, in case of default, that your home could satisfy the debt; and
- Is recorded or is otherwise perfected under any state or local law that applies.
In other words, your mortgage is a secured debt if you put your home up as collateral to protect the interests of the lender. If you can't pay the debt, your home can then serve as payment to the lender to satisfy (pay) the debt. In this publication, mortgage will refer to secured debt.
Key questions when entering this mortgage interest.
- No uncommon situations apply
- Enter the details of the 1098
- The loan is secured by the property you own
- It must be the primary or second home
- Continue to finish the section
If you need more assistance please add specific details and one of our tax experts can help you.
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