My parents hold my mortgage. Can I claim the interest?

j-a-daraska — Tue, 04 Jun 2019 20:01:10 GMT

I paid mortgage for my parent estate

d1twowatch — Tue, 04 Jun 2019 20:01:12 GMT

I paid mortgage for my parent estate

what is ownership interest.

d1twowatch — Tue, 04 Jun 2019 20:01:13 GMT

what is ownership interest.

Yes, if you’re a legal owner of the home and pay the enti...

DeniseF1 — Tue, 04 Jun 2019 20:01:15 GMT

Yes, if you’re a legal owner of the home and pay the entire mortgage, you can claim the full amount of mortgage interest and taxes [if you paid] and if you itemize on Schedule A.

You can deduct home mortgage interest if all the following conditions are met.

1.You file Form 1040 and itemize deductions on Schedule A (Form 1040).

2.The mortgage is a secured debt on a qualified home in which you have an ownership interest.

http://www.irs.gov/publications/p936/ar02.html#en_US_2013_publink1000229890

Taxpayers are responsible for deducting the correct amount of interest paid,

topic My parents hold my mortgage. Can I claim the interest? in Deductions & credits

My parents hold my mortgage. Can I claim the interest?

I paid mortgage for my parent estate

what is ownership interest.

Yes, if you’re a legal owner of the home and pay the enti...