Mortgage interest

Budda133
Budda133 Member Posts: 1 Newcomer
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Can our son deduct the mortgage interest on his house that my husband and I are co-signers on. The deed is in his name only.

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  • mcdaniel_dean
    mcdaniel_dean Member Posts: 7 Level 2
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    If your son pays the mortgage interest, he can claim the deduction. Note that with the very high standard deduction in 2024, most people do not itemize their deductions so this likely will not help your son. Unless he has a combinations of very high mortgage interest, high state and local taxes, high charity contributions or high out-of-pocket medical expenses.

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  • JulieS
    JulieS FreeTaxUSA Agent Posts: 14 Level 3

    Hi Budda133,

    It is true that many individuals will use standard deduction and mortgage interest is only claimed if you use itemized deductions.

    If an individual is one of the owners of the home (such as, if you and your son own a home together) and are making mortgage payments, each individual can deduct the mortgage interest that they actually paid.

    Please see the following link for details on what mortgage interest qualifies:

    https://www.irs.gov/publications/p936

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