Who's Entitled to the Mortgage Interest Deduction?
Q. My daughter owns the home where she lives but was unable to make her mortgage payments last year while she was out of work. We made an agreement that I'd make her mortgage payments and she'd repay me later. Can I claim the mortgage interest deduction for the payments I made for her?
A. No, you're not eligible to claim the mortgage interest deduction for someone else's debt.
For more information on common questions related to the mortgage interest deduction, check out the video I made on the subject here.
Mortgage Image courtesy of Shutterstock