Legal Question in Real Estate Law in Florida

Claim interest for mother-in-laws house mortgage
My 63 year old Mother-in-law has my 84 year old Grand-Mother-in-law living with her.
The Mother-in-law and Step-Father-in-Law have just been divorced and sold their home. Because of their large indebtedness my Mother-in-Law received very little for her share. Her ex-husband is a 100% disabled veteran and she is unable to receive any of his disability compensation from the VA. Her only income is a small Social Security check. My brother-in-law, I and both our wives have decided to purchase a home for her near my home in Florida. My Brother-in-law, I and both our wives will pay the mortgage payments and help with her normal expenses. So that we will maintain some control over the house we plan on giving her a Life Estate to the property. My question is will my brother-in-law and I be able to claim the interest paid on the mortgage on our income tax returns?

Asked on 3/14/05, 3:12 pm

Alexander M. Rosenfeld Rosenfeld & Stein, P.A.

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Re: Claim interest for mother-in-laws house mortgage

If you are paying the mortgage, yes. Yu would be better off to retain counsel to finalize the transactions.

Answered on 3/14/05, 4:31 pm

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