Can I deduct mortgage interest on my parent's house if I live on the property and help them pay for mortgage? My name is not on the deed/title nor loan, but I help them pay their mortgage, utilities, and maintenances.
You'll need to sign in or create an account to connect with an expert.
No, you aren't allowed to deduct mortgage interest unless you have at least part ownership of the property. Follow this link to read the basic rules about deducting mortgage interest.
Hi,
Does my case fall into the Equitable Ownership under this article? https://bradfordtaxinstitute.com/Content/Deducting-Mortgage-Interest-When-Your-Name-Is-Not-on-the-De...
I wasn't able to read the full article because I am not a subscriber. From what I understand, if you are not on the deed/title, your parents are both the legal and equitable owners. You don't need to be on the loan but you do need to have an ownership interest. Do you and your parents have a documented agreement that makes you liable for payment?
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
ja19584
New Member
Deondre17
New Member
Byzggjp
Level 1
saalves2424
New Member
chunhuach
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.