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can I deduct interest on my parents morgage?

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Icon Mini Profile erhoad





Joined: 31 Jul 2010

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Post Posted: Sat Jul 31, 2010 7:46 am    Post subject: can I deduct interest on my parents morgage?
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my parents are refinancing their home and I am co-signing the note. I am going to make all of the payments. I am not on the deed. Can I deduct the interest on my tax return?
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 10460
Location: Nevada
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Post Posted: Mon Aug 02, 2010 1:09 am    Post subject:
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Hi erhoad,

As your name will be on the mortgage docs, you would be able to deduct the interest payments on your tax return.

Thanks
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