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I paid for a house not in my name. In the state of indiana i can deduct rent. Since the house is not in my name can i deduct the mortgage payment i help with

 
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Carl
Level 15

I paid for a house not in my name. In the state of indiana i can deduct rent. Since the house is not in my name can i deduct the mortgage payment i help with

A mortgage payment is never deductible on any tax return. At best, one can only deduct the mortgage interest reported on the 1098-Mortgage Interest Statement the lender sends to the owner each year.

If you are not a co-signer on the mortgage and therefore not legally obligated to pay it, you can not deduct the mortgage interest.

If you are not listed on the property deed as an owner, you are therefore not legally obligated to pay the property taxes and therefore can not deduct those either.

Additionally, rent that you pay for your primary residence, 2nd home, or any other type of personal use real estate is not deductible on any tax return.  However, some states allow for a renter's credit on the state return on the rent you pay for your "PRIMARY" residence. If IN offers such a credit, you won't deal with it until you get to the state return.

 

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