TaoWanderer
Member
I can deduct as "investment interest expenses", interest on a loan my parents got me?
What is the name of your state? NV
My parents helped me buy a raw land, by taking out a home equity loan on their house and purchasing the land under their name, because I was unable to get a loan on it myself. I paid a minimum of $400 per month to my parent, which covered the interest and taxes and made extra payments towards the principle whenever I could. I paid it off in a little over a year and then they transferred the property to me. Can I deduct the part of the payments I made to my parents that went to paying the interest my parents paid on their loan as “investment interest expenses”?
Right now the property just has a bunch of my stuff on it, but my plan is to sell all my things, then possibly improve the land and put a mobile home on it and sell it or maybe just sell it.
Thank you very much in advance.
What is the name of your state? NV
My parents helped me buy a raw land, by taking out a home equity loan on their house and purchasing the land under their name, because I was unable to get a loan on it myself. I paid a minimum of $400 per month to my parent, which covered the interest and taxes and made extra payments towards the principle whenever I could. I paid it off in a little over a year and then they transferred the property to me. Can I deduct the part of the payments I made to my parents that went to paying the interest my parents paid on their loan as “investment interest expenses”?
Right now the property just has a bunch of my stuff on it, but my plan is to sell all my things, then possibly improve the land and put a mobile home on it and sell it or maybe just sell it.
Thank you very much in advance.
