Posted on: 02nd Jan, 2010 07:45 pm
I recently resigned from work because of my full time status as a student. I own a house and my sister is moving in with me. She too owns a condo of which she will be renting out. My sister will be helping me a little bit with bills but I am the one paying for my mortgage using my financial aid loan and savings. Since I won't be working this year, I won't have an income and won't be able to deduct my mortgage interests which is usually in the $20, 000s. Will my sister be able to deduct my mortgage interest if I add her on the deed but not on the mortgage loan?
Thanks
Thanks
in principal, owner of the property should be on mortgage. tax benfits are for those owners who are paying interests on mortgage.
therefore, if your sister's name is not on mortgage, she will not get any tax benefit
therefore, if your sister's name is not on mortgage, she will not get any tax benefit