"Brighthouse" <kgjarvis[at]kennethjarvis.com> wrote:

- quote -

Under your fact pattern, the woman owns the property and the
man is making gifts to her that are being properly reported
on a gift tax return that she is using (as a joint owner of
the bank account) to make payments on her mortgage and to
pay her property taxes. Yes, she make take the deduction.

Jon Gallo
Greenberg Glusker Fields Claman Machtinger & Kinsella llp, Los Angeles

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

The interest and property taxes paid on property may *only*
be deducted by the person(s) that are legally responsible
for the payments.

Missy Doyle

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

Fact Pattern
1. Unmarried couple move into a house together
2. Man has bad credit and unable to obtain mortgage
3. Mortgage and deed is placed into Woman's name only
4. Man and Woman open a joint account
5. Man funds (100%) joint account and Bank automatically
draws on account for monthly payment.

Questions
1. If Man that funds joint account is willing to say (by
completing gift tax return) that those funds provided to
joint account are gifts and she can do what she wants with
it, does this entitle Woman to take mortgage interest and
property tax deductions.

I could not locate any tax authority on this position, but
it seems reasonable. Just need to bounce it off of other
tax professionals. Thanks in advance.

Best Regards,
Ken

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->