topic My parents loaned me monety to buy property. we have a notarized loan statement and i am paying them back with interest. how do i account for this on my tax return in Deductions & credits

My parents loaned me monety to buy property. we have a notarized loan statement and i am paying them back with interest. how do i account for this on my tax return

hmurg7 — Tue, 24 Feb 2026 05:48:01 GMT

Loan from parents. Notarized loan statement and cancelled checks to show i am paying it back. how do i account for this

MarilynG1 — Fri, 07 Apr 2023 20:47:34 GMT

Does your notarized Loan Agreement with your parents include an Amortization Schedule?

If so, you can deduct the Interest you paid them annually as Mortgage Interest, even if you don't have a Form 1098.

Here's more info on Mortgage Interest with No 1098. If you pay the Property Taxes, you can also report them on your return.

Mike9241 — Sat, 08 Apr 2023 01:43:31 GMT

if the property is not security for the loan you do not have deductible mortgage interest.