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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2939
Experience:  IRS licensed Enrolled Agent and tax instructor
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can i get a home equity loan from my in-laws and write off

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can i get a home equity loan from my in-laws and write off the interest?

emc011075 :

Yes, you can. Your in-laws will need to issue you form 1098 and mail one copy to IRS. You can take the deduction and they will need to claim the interest income on their return. If you just claim the deduction and IRS will not receive anything to match it against they will disallow the deduction.


great, that's what i needed. thank you.

emc011075 :

your welcome.

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