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

the interest?...
can i get a home equity loan from my in-laws and write off the interest?
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Answered in 16 minutes by:
12/30/2012
emc011075
emc011075, Tax adviser
Category: Tax
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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.

Customer:

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

emc011075 :

your welcome.

emc011075
emc011075, Tax adviser
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