- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
I agree. If you are on the deed but on on the mortgage, you CAN still deduct the mortgage interest that you pay.
"Interest paid by the taxpayer on a mortgage upon real estate of which he is the legal or equitable owner, even though the taxpayer is not directly liable upon the bond or note secured by such mortgage, may be deducted as interest on his indebtedness."
<a rel="nofollow" target="_blank" href="https://www.law.cornell.edu/cfr/text/26/1.163-1">https://www.law.cornell.edu/cfr/text/26/1.163-1</a>
"Interest paid by the taxpayer on a mortgage upon real estate of which he is the legal or equitable owner, even though the taxpayer is not directly liable upon the bond or note secured by such mortgage, may be deducted as interest on his indebtedness."
<a rel="nofollow" target="_blank" href="https://www.law.cornell.edu/cfr/text/26/1.163-1">https://www.law.cornell.edu/cfr/text/26/1.163-1</a>
May 31, 2019
5:59 PM