As a caring parent, you want to purchase a new home for your children, ensuring their well-being, comfort, and a sense of belonging. Ultimately, what parent wouldn’t want the best for them? πŸ πŸ‘¨β€πŸ‘©β€πŸ‘§β€πŸ‘¦However, purchasing a house entails a considerable financial commitment πŸ’ΈπŸ’°, and you want to understand the financial implications before making any decisions.

To qualify for tax deductions on mortgage interest and property taxes, here are things to consider:

πŸ‘‰πŸ»Taxpayers considered the “equitable” or “beneficial” property owners can still deduct interest payments, even if they are not directly responsible for the mortgage.

🀝”Equitable” ownership allows you to deduct interest payments by assuming benefits and burdens of ownership determined by state law.

βœ”οΈIf you live in the property, you deduct taxes and interest if you’re the equitable owner.

❌You can’t deduct interest if you don’t live on the property.

Don’t let uncertainty hold you back from providing the best for your children. πŸ™…β€β™€οΈπŸ™…β€β™‚οΈ Book your assessment with us today, and let us help you through this process! πŸ’»πŸ‘¨β€πŸ’ΌπŸ‘©β€πŸ’Ό