Is interest from a private mortgage deductible?
My parents loaned my wife and I the money to buy our 1st house. Can I deduct the interest that I pay; even though, the loan isn’t recorded anywhere? What forms do I use, how do I go about doing it?
We set up an amortization table to calculate the interet paid each month.
How do we go about getting the loan recorded to consider the property securing the loan?