If I default on the loan, my relative gets the house and the land on which it is being built.
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Possibly. You can deduct interest paid on a mortgage from a private party if all of the following apply:
https://www.irs.gov/publications/p936#en_US_2018_publink1000229894
If your agreement with your relative meets the above criteria, then Yes, you can deduct the interest.
Possibly. You can deduct interest paid on a mortgage from a private party if all of the following apply:
https://www.irs.gov/publications/p936#en_US_2018_publink1000229894
If your agreement with your relative meets the above criteria, then Yes, you can deduct the interest.
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