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Question for the Money Doctors

Question submitted on Jan 5, 2019.

Question

My ex-boyfriend and I bought a home together. We are joint tenants, and both on the deed, however the mortgage is only in his name. Tax season is coming. Is there any tax benefits that I get since I am not on the mortgage paperwork, I "gifted" him $10,000. towards the down payment.

Answer

You can deduct the interest on the mortgage if you made the payments and liable on the mortgage.    If you are not liable on the mortgage, you cannot deduct the interest - even if you made the payments.  Take at look at IRS Publication 936 - Home Mortgage Interest Deduction.

https://www.irs.gov/pub/irs-pdf/p936.pdf


For additional information visit http://www.360financialliteracy.org/

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