| If I own a 30% stake in a home can I write off interest |
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Slp
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If l buy a home and get listed as a 30% owner and my partner does not need the write off because we are a couple can l take it since I am also on the mortgage?
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Dont
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Yes. The required condition is that you be legally obligated to repay the debt. Check the instructions for Schedule A under mortgage interest deductions and you will find the necessary info.
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Emilio
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The interest deduction can only be taken by the party/parties who are legally obligated to pay it - the loan borrower(s).
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Strong
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My understanding is whosoever name is on the loan get is the interest write off.
Check with a CPA.
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Coach
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If no one else is claiming the interest expense it should be considered as a deduction if you are in fact paying interest. If not, claiming that expense would be fraud and punishable with fines or worse.
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