My name is on the deed to the house and I am paying a family member a monthly mortgage that has interest how would I claim that on my taxes if no bank is involved?
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New Member

My name is on the deed to the house and I am paying a family member a monthly mortgage that has interest how would I claim that on my taxes if no bank is involved?

 
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Level 4

My name is on the deed to the house and I am paying a family member a monthly mortgage that has interest how would I claim that on my taxes if no bank is involved?

You could only claim that if you and the family member have legal loan documents that list the home as collateral for the loan. 

If there are no loan papers, you can't deduct the interest. A loan document with the home securing the loan is mandatory. 

If there are loan documents, the family should issue you a 1098.  

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New Member

My name is on the deed to the house and I am paying a family member a monthly mortgage that has interest how would I claim that on my taxes if no bank is involved?

I have a monthly schedule payment we both signed so is that considered legal? I have to claim what ever monies I receive from the star program so can I claim the interest off what I pay monthly for my mortgage to my family member?
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Level 4

My name is on the deed to the house and I am paying a family member a monthly mortgage that has interest how would I claim that on my taxes if no bank is involved?

If the monthly schedule says that if you default on the loan, the family member can seize the house, then you can claim it. If there is no clause saying that, legally you can't.
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