<malibu.ron[at]verizon.net> wrote:

- quote -

In order for you to take a deduction, it has to be your
obligation & you had to actually make the payments

<<< Benjamin Yazersky, CPA [NJ & NY] > > -----> real address on hobokeni or hobokenx <-----

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

Herb Smith wrote:
- quote -

I would like to add a clarification to Herb's response.
The most important element is that you have an ownership interest
in the property. If you are an owner and you make the mortgage
payments, you can deduct the interest even if your name is not on
the loan. As long as the lender can legally take your property
if the loan payments are not made, you may make the payment and
take the deduction.

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

malibu.ron[at]verizon.net wrote:

- quote -

No. If you are not liable for the mortgage, and own no part
of the house, you may not take either.

If your daughter has income and the deduction would benefit
her, you may gift her the money (12K/yr per person, if she's
married, 24K) and she can use the money to pay it herself.

The suggestions can get more complex than this, but this is
the beginning.

JOE

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

malibu.ron[at]verizon.net wrote:

- quote -

If this is your daughter's home (and her mortgage loan) you
are not legally obligated for either debt. Since you are not
obligated to make the payments you have no deduction to
claim. Conversely, if you make the payments, your daughter
also cannot claim a deduction for them.

Basically, to claim a deduction for these payments, you have
to:
1) Be legally obligated for the debt, AND
2) Actually make the payments.

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

If I live in my daughters home and pay 100% of her mortgage
and property taxes, can I take the deductions.

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >