Tax law has an amazing break for unconventional homeowners.

You can deduct your mortgage interest payments even when the deed to the house and the mortgage are in someone else’s name.

Here’s what happened to Sue Davis.

Sue could not personally qualify for a home loan. Her parents stepped in to help. They bought the house and signed the mortgage.

But Sue lives in the home and pays all the expenses of the property, including the property taxes and the mortgage.

Using a little-known tax rule, Sue deducts the mortgage interest payments she makes on her Form 1040.

What’s even more interesting is that Sue found out about this little-known rule after she had been making payments for a few years. Once she learned the rule, Sue amended three years of tax returns, claiming about $18,000 per year in deductions, and got a sizable tax refund.

If you are in a similar situation, you can get these tax breaks too. You simply need to ... Log in to view full article.