L.S. Posted July 19, 2007 Report Share Posted July 19, 2007 What are the rules for deductibility of interest when using the "mom bank"? Thanks. Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted July 19, 2007 Report Share Posted July 19, 2007 What are the rules for deductibility of interest when using the "mom bank"? Thanks. Same as for the National bank. Must be a bona fide debt secured by the residence. (in other words, mom has got to be able to forclose, or it is not a bona fide loan). Should be in writing. Must show the lender information on the Schedule A since there is no 1098 from mom. Tom Lodi, CA Quote Link to comment Share on other sites More sharing options...
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