Posted on: 25th Sep, 2010 11:46 am
My uncle and I are about to put a offer on a duplex, he qualifies for the lloan but I am putting the down pmt on it, using a withdrawl on my 401k. now for tax purposes I will be in essence purchacing a home but am not on the note. if my uncle puit claims half of the duplex to me will I still be able to claim part of the interest?
Hi Lilly,
If your name is not mentioned on the mortgage docs, then you won't be able to claim the mortgage interest tax deductions.
If your name is not mentioned on the mortgage docs, then you won't be able to claim the mortgage interest tax deductions.