If my Son takes a Second Mortgage on my property to consolidate debt. Could he claim the Home Mortgage Interest deduction? If not can I claim it even If he's paying?

MTMT · ‎June 4, 2019

MichaelL1 · ‎June 4, 2019

Interest to be deductible it:

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

So based on above son does not get deductions.

Woo gets to take the deduction?

You do, if you are the primary borrower, you are legally obligated to pay the debt and you actually make the payments.

So neither party can deduct the interest in this case.

MichaelL1 · ‎June 4, 2019

Interest to be deductible it:

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

So based on above son does not get deductions.

Woo gets to take the deduction?

You do, if you are the primary borrower, you are legally obligated to pay the debt and you actually make the payments.

So neither party can deduct the interest in this case.

Do you have an Intuit account?