Compare Mortgage Quotes

Guest

I have a family member loaning me money to buy a home and I am wondering what the the proper way to secure my home against that loan so that I qualify for the deduction. I live in MI.

smithsussane · Posted: Mon Oct 25, 2010 8:34 pm Post subject:

Hi jdogg!

Welcome to forums!

You will have to contact an attorney and draft the required documents by which your home will be used as a collateral against the loan that you've received from a family member. The document needs to be signed both by you as well as the family member who has given you the loan. Once you do so, then you'll be able to claim interest deductions on your tax.

Feel free to ask if you've further queries.

Sussane

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Compare Mortgage Quotes

Claiming mortage interest deduction on a personal loan

Financial Tools

Our Community

Community Rewards

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1