Legal Question in Tax Law in California

Claiming Mortgage Interest on Taxes

I live in a home owned by my father (used to be us both on title, now just him. I dropped off and wont go back on till i am divorced) I pay the mortgage thru a checking account i share with my father. Cant I claim the mortgage interest on my taxes since I pay it??


Asked on 3/24/08, 10:29 pm

1 Answer from Attorneys
Donald Field Donald L. Field, Jr., Attorney at Law

Re: Claiming Mortgage Interest on Taxes

no. you must have an ownership interest in the property to deduct interest and taxes. see:

http://www.irs.gov/publications/p936/ar02.html#d0e537

there are additional issues which this step will raise related to estate planning, federal gift taxes and real property tax exclusions. you should have consulted a tax attorney before the property was changed to your father's name.

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Answered on 3/25/08, 11:58 am


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