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.
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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?
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