Posted on: 13th Nov, 2009 05:30 am
My daughter cannot qualify for a mortgage by herself for a home she will reside in but not me. I will pay all costs getting the loan (down payment and all closing costs). Can we both share the tax deductions for interest and real estate taxes?
If you are not on the mortgage and/or deed, then you cannot share the tax deductions. Your description indicates that you will give her money. If that is all you are doing, then you are not a co-borrower.
Yes I will be on the mortgage and the title.
check with your tax accountant or the irs. generally, those numbers are going to be reported back to the "primary" borrower - the person whose name is listed first on the mortgage documents. that person's social security number will be used, and the irs obtains copies of those documents, also.
