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Who can claim the mortgage interest? the house is under

daughter's name. mom is cosigner...
Who can claim the mortgage interest? the house is under daughter's name. mom is cosigner and pay the mortgage. Mom want to claim the mortgage interest on tax return. Can she do that
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Answered in 5 minutes by:
3/5/2017
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,643
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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If the mother is legally obligated to pay the mortgage (listed on the debt at the bank or lender) and the mother pays the mortgage, then the mother can claim the mortgage under second home rules.

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Customer reply replied 11 months ago
she is cosigner. what is the 2nd home rules. where can i find the information

It is easier reading in IRS Pub 936 than the actual tax law (IRC).

https://www.irs.gov/publications/p936/ar02.html#en_US_2016_publink1000229900

Qualified Home

For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. This means your main home or your second home. A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities.

The interest you pay on a mortgage on a home other than your main or second home may be deductible if the proceeds of the loan were used for business, investment, or other deductible purposes. Otherwise, it is considered personal interest and is not deductible.

Her daughter lives there so it can be a second home.

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Customer reply replied 11 months ago
but the concern i have is the house is under the daughter's name. the mom just cosigner

As I stated, she must be obligated to repay the loan. Is the mother on the loan as legally obligated to repay?

If she is then she can claim the loan.

If the mother paid it and the bank holds her as a lender on the loan then she can claim the mortgage.

Robin D.
Robin D., Senior Tax Advisor 4
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