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My question is: US-specific
QUESTION: Can I claim the mortgage interest on a home in my parents name, I can prove all payments came from my account. Does my name have to be on Title?
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david ingram replies:
Who does the house belong to?
i.e. is it your house registered in your parents' name becasue you did not qualify for the mortgage originally?
OR, is it their house and you are just helping them out by making the payments?
Where are you living?
Where do they live? In the house or somewhere else?
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The House is registered to my parents, because I would not have qualified for mortgage, I am in the process of having my name put on title. I reside in the house and my parents live in another home owned by them.It is clearly understood by my parents that it is my home.
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david ingram replies:
Then you may make the deduction for mortgage interest and property taxes. The house is yours and they are holding it for you in trust.
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