You'll need to sign in or create an account to connect with an expert.
If you are an owner of the property and are paying the mortgage then yes, you may claim the mortgage interest deduction. If you are not then No, you cannot.
"Interest paid by the taxpayer on a mortgage upon real estate of which he is the legal or equitable owner, even though the taxpayer is not directly liable upon the bond or note secured by such mortgage, may be deducted as interest on his indebtedness." https://www.law.cornell.edu/cfr/text/26/1.163-1#b
If you are an owner of the property and are paying the mortgage then yes, you may claim the mortgage interest deduction. If you are not then No, you cannot.
"Interest paid by the taxpayer on a mortgage upon real estate of which he is the legal or equitable owner, even though the taxpayer is not directly liable upon the bond or note secured by such mortgage, may be deducted as interest on his indebtedness." https://www.law.cornell.edu/cfr/text/26/1.163-1#b
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
mpiseter
New Member
snoblack
Level 2
ahmad-hashem-net
New Member
karlameyer
Level 1
zomboo
Level 6
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.