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prentisspg
New Member

If i bought a property with my son and am on the deed but the mortgage is in his name can i deduct part of the interest

if i bought a property with my son and am on the deed but the mortgage is in his name  and i make half the payment can i deduct part of the interest

1 Reply
Ashby
New Member

If i bought a property with my son and am on the deed but the mortgage is in his name can i deduct part of the interest

Yes, as long as the mortgage is a secured debt on a qualified home in which you have an ownership interest, you can deduct the portion of the interest you paid.

The taxpayers are responsible for dividing the amounts deducted and not deducting more than the total amount of interest paid between the two returns.

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