topic Mortgage in our name, daughter paid every month, now she took out her own mortgage with transfer of ownership to her, no profit made, where do i show this on forms ? in Deductions & credits

Mortgage in our name, daughter paid every month, now she took out her own mortgage with transfer of ownership to her, no profit made, where do i show this on forms ?

berbrick0415 — Thu, 06 Jun 2019 09:23:02 GMT

mortgage in our name for daughter, she paid us every month to pay bank, now she took out her own mortgage for transfer of ownership , no profit made, picked up remaining loan, where do i show this on forms ?

You don't need to report the pay-off of the mortgage that...

ToddL — Thu, 06 Jun 2019 09:23:03 GMT

You don't need to report the pay-off of the mortgage that was in your name. You can report any mortgage interest you paid in 2016, since your daughter gave you the money (i.e. gifted it) to make the payments.

Since she now has a mortgage in her name, she can start report whatever mortgage interest she if paying.