Claiming a Mortgage Interest Deduction
Q. I am paying the mortgage on a house that my son owns. Can I claim the mortgage interest deduction on my taxes? I am not on the loan or on the title.
Answer. In order to claim the mortgage interest deduction on a main or second home you don’t necessarily have to be named on the loan or title; however, you must be a legal or equitable owner of the property. The IRS requires you to be legally liable for the interest and to itemize tax deductions on Schedule A.
If you’re unsure about whether you’re eligible to claim the mortgage interest deduction, be sure to consult with an accountant or tax attorney for advice.
Mortgage Image courtesy of Shutterstock
About the Author
Laura Adams received an MBA from the University of Florida. She’s an award-winning personal finance author, speaker, and consumer advocate who is a frequent, trusted source for the national media. Money-Smart Solopreneur: A Personal Finance System for Freelancers, Entrepreneurs, and Side-Hustlers is her newest title. Laura’s previous book, Debt-Free Blueprint: How to Get Out of Debt and Build a Financial Life You Love, was an Amazon #1 New Release. Do you have a money question? Call the Money Girl listener line at 302-364-0308. Your question could be featured on the show.
