Mortgage Interest

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  • ON THE GO
    Junior Member
    • Dec 2008
    • 3
    #1

    Mortgage Interest

    Client pays mortage on their home but mortage note is under parents name since they did not qualify for the loan. Can my client still claim the interest and taxes even if they are not on the loan?
    Tags: None
    • Bees Knees
      Senior Member
      • May 2005
      • 5456
      #2
      If your client is the legal or equitable owner of the home, the interest is deductible as home mortgage interest. Reg. Sec. 1.163-1(b)

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