You'll need to sign in or create an account to connect with an expert.
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?
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.
It cannot be your second home unless you were listed on the mortgage and/or deed in 2020.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Loudspeaker1999
Level 1
Loudspeaker1999
Level 1
EliasRizkallah
Level 1
obeteta
New Member
snoblack
Level 2
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.