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Level 5
January 22, 2020

Mortgage interest

  • January 22, 2020
  • 2 replies
  • 8 views

My client will be adding her mother as a dependent since she is the head of the home. She wants to add the mortgage interest to her return,but the house is not in her name. Can she still claim the mortgage interest? The house belongs to her mother. 

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    2 replies

    Level 8
    January 22, 2020

    Have you verified that the mother can be her dependent? Since her mother owns the house, there is a chance that her mother may be providing 50% or more of her own support.  Even if the mother does qualify as a dependent, you cannot take the interest on the mortgage.

    George4Tacks
    Level 15
    January 22, 2020

    Research Equitable Ownership. Also look at IRS Pub 936 https://www.irs.gov/forms-pubs/about-publication-936

    Answers are easy. Questions are hard!