Posted on: 25th Oct, 2010 03:34 pm
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.
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
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