Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
KenMelTax
Returning Member

we bought a home for our mother and pay the mortgage but expect nothing back from her, are we able to write the mortgage off as a gift?

 
3 Replies
xmasbaby0
Level 15

we bought a home for our mother and pay the mortgage but expect nothing back from her, are we able to write the mortgage off as a gift?

You cannot "write off" a gift.   Gifts to individuals are not deductible.  If you own the home and just let your mother live there, you can use the mortgage interest on your tax return and treat the home as a second home.   You will still be subject to the SALT limit of $10,000 for all of your combined state and local property taxes.  Is your name on the mortgage?

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
AnnetteB6
Expert Alumni

we bought a home for our mother and pay the mortgage but expect nothing back from her, are we able to write the mortgage off as a gift?

The mortgage interest that you pay for your mother's home can only be deducted as part of your return if the home is considered to be your second home. 

 

You can deduct mortgage interest for your main home and a second home as part of your Schedule A Itemized Deductions.  You do not have to use the second home as your home in order to claim it as your second home.

 

There is not another option available to claim the mortgage interest.  Gifts are not a deduction.

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
SweetieJean
Level 15

we bought a home for our mother and pay the mortgage but expect nothing back from her, are we able to write the mortgage off as a gift?

It cannot be your second home unless you were listed on the mortgage and/or deed in 2020.

Dynamic AdsDynamic Ads
Privacy Settings
v