Who’s Entitled to the Mortgage Interest Deduction?
Laura Adams, MBA
Ask Money Girl: Who’s Entitled to the Mortgage Interest Deduction?
Ask Money Girl: Who’s Entitled to the Mortgage Interest Deduction?Q. My daughter owns the home where she lives but was unable to make her mortgage payments last year while she was out of work. We made an agreement that I’d make her mortgage payments and she’d repay me later. Can I claim the mortgage interest deduction for the payments I made for her?
Answer. No, you’re not eligible to claim the mortgage interest deduction for someone else’s debt.
For more information on common questions related to the mortgage interest deduction, check out the video I made on the subject here.
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.