Mortagage Interest paid by someone else

[Jim861]

What is the name of your state (only U.S. law)? Illinois
I have a condo in the city with a interest only mortgage, and have run into some finanacial difficulty. Can someone else pay the interest on the mortgage and take the deduction. I do not want to sell or refinance this and do not want too effect the property tax status on this.
If I can do this how would I go about getting the deduction to them as the mortgage is in my name and social number.

[LdiJ]

Originally Posted by Jim861

What is the name of your state (only U.S. law)? Illinois
I have a condo in the city with a interest only mortgage, and have run into some finanacial difficulty. Can someone else pay the interest on the mortgage and take the deduction. I do not want to sell or refinance this and do not want too effect the property tax status on this.
If I can do this how would I go about getting the deduction to them as the mortgage is in my name and social number.

No, someone else cannot pay the interest and take the deduction. In order to claim a mortage interest deduction the home must be your principal residence or second home, you must be obligated under the mortgage to pay it, and you must actually pay it. Whoever else paid it for you would at least fail the test of being obligated under the mortgage to pay it.