I live in apartment in NY but have a house in NJ where my in-laws stay. I pay half the mortgage for that house but my wife's parents (who live there) claim the house on their return (last 2 years). This year i am planning to claim it on my tax return (married-jointly). Can i do it? Do i have to file for 2 states? Any complications? Appreciate your suggestions.
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who borrowed the money? who owns the home?
see IRS publication 936.....it states:
"Generally, home mortgage interest is any interest you pay on a loan secured by your home
(main home or a second home). The loan may be a mortgage to buy your home, or a second
mortgage."
you may have nothing more than a gift of a very caring son-in-law.
Appreciate the prompt reply on this question 🙂 It helped.
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