Mortgage in our name, daughter paid every month, now she took out her own mortgage with transfer of ownership to her, no profit made, where do i show this on forms ?

[berbrick0415]

mortgage in our name for daughter, she paid us every month to pay bank, now she took out her own mortgage for transfer of  ownership , no profit made, picked up remaining loan, where do i show this on forms ?

[ToddL · Accepted solution]

You don't need to report the pay-off of the mortgage that was in your name. You can report any mortgage interest you paid in 2016, since your daughter gave you the money (i.e. gifted it) to make the payments.

Since she now has a mortgage in her name, she can start report whatever mortgage interest she if paying.