Question
Can I deduct interest expense from a rental property if the income from rental property is used to pay a family member's mortgage?
I have a rental property gifted to me by a family member. We have an agreement where the income generated from the rental property would be used to pay off that family member's mortgage on another property that they own. I am not listed on the mortgage or as a owner of the other property. Am I able to claim mortgage interest / "other interest" on my Schedule E for my rental property?
