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vmd
Level 2

I co-signed a mortgage for my daughter to purchase an investment property in another state. How do I deduct the travel expenses to attend the closing

Her purchase was residential units.  After the closing, I helped make the unit ready for rent.
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I co-signed a mortgage for my daughter to purchase an investment property in another state. How do I deduct the travel expenses to attend the closing

I don't think you can deduct that.  Unless she pays  you as a independent contractor for it.  

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I co-signed a mortgage for my daughter to purchase an investment property in another state. How do I deduct the travel expenses to attend the closing

@vmd I agree with @VolvoGirl that these expenses are not deductible. you signed on the mortgage but don't own the property itself. 

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4 Replies

I co-signed a mortgage for my daughter to purchase an investment property in another state. How do I deduct the travel expenses to attend the closing

I don't think you can deduct that.  Unless she pays  you as a independent contractor for it.  

I co-signed a mortgage for my daughter to purchase an investment property in another state. How do I deduct the travel expenses to attend the closing

@vmd I agree with @VolvoGirl that these expenses are not deductible. you signed on the mortgage but don't own the property itself. 

vmd
Level 2

I co-signed a mortgage for my daughter to purchase an investment property in another state. How do I deduct the travel expenses to attend the closing

Thank you.   That was my belief, too.  I did have an interesting visit to a city I was not familiar with.

vmd
Level 2

I co-signed a mortgage for my daughter to purchase an investment property in another state. How do I deduct the travel expenses to attend the closing

Thank you

 

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