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February 24, 2024
Question

I recently co-signed a mortgage for my child and setup a trust so that I would not be impacted as the value grew. I know I need to claim this but do not know how?

  • February 24, 2024
  • 1 reply
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    1 reply

    TurboTaxSusan
    February 24, 2024

    You can't claim mortgage interest payments unless you use the property for business or you rent it out.

     

    If you have income from a trust, the trust would have to issue you a tax slip, which you would then enter on your tax return.