How to answer "what kind of property is loan for."

Forum|Forum|2 years ago
February 11, 2024
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How to answer "what kind of property is loan for."

I can not figure how this was answered in the past, and the past TT tax returns do not show me.

For the mortgage question "what kind of property is loan for." Since 2021, there is a house under my name I got for my kids and their mother. None of the money was mine nor do I pay for it. Just is under my name for them to have a real home (I been stuck in an overly priced apartment for over a decade). Based on the suggestions by TT, none of their descriptions are factual choices. Not for primary (not a home I live in), secondary (not a vacation), other (not a rental or business). So, what could be picked for "home under my name but I not live in it but other people do and pay for it"?
Thank you.

TurboTax Deluxe Online

Best answer by JulieS

Yes, you should choose "other" as the type of property.

If you don't pay the mortgage interest, you don't need to include it on your tax return.

JulieSAnswer

Yes, you should choose "other" as the type of property.

If you don't pay the mortgage interest, you don't need to include it on your tax return.

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trakorfreeAuthor

As far as all these forms are concerned and the intrusion on privacy, I pay on it even though I am not the one paying them financially. Just paperwork wise, I do.

I will choose other and hope for the best.

Thanks.