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? 🏠👨👩👧👦However, purchasing a house entails a considerable financial commitment 💸💰, 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:
👉🏻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.
✔️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. 🙅♀️🙅♂️ Book your assessment with us today, and let us help you through this process! 💻👨💼👩💼