hi i can help with this ...
what advice can you give me?
There IS legal precedent for your taking the deduction when you have all the rights, privileges and duties of ownership
If you can hang on I'm trying to find the citation
are you the exector and has the estate been probated?
Yes to both questions
OH, you are on title? much simpler
no I am not on the title, tried to get title in my name right after my sister passed but my lawyer did not think it was a good idea
That doesn't make sense ... probate is the process where title is changed .... probate actually comes from the Latin, to prove (who ownes)
He told me that if I did put the house in my name then the other debts that my sister owed would become mine
You might want to talk to another atty. One of the other things that happens in probate is the estate is announced in the newspaper, so that all creditors can come against the estate .... but once the probate court seals the estate (closes the probate estate) its all over
He told me that it might take four years for the probate to be over
Ahhh, so it's not been probated
SO, we still may be back where I was heading .... There was an article in the Journal of accountancy by a tax attorney talking about the concept (not substantial title, not effective title), but something to that effect. I showed it to a RE attorney and he said he'd never hear of it, but has since used it
Tell you what, I could opt out, and have it moved to the Real Estate Law category, but quite honestly you may noy have much luck
I can switch to the question and answer mode and if you'll give me a couple of hours (I actually have an online lawschool class tonight) I can have an answer for you before morning
...startes at 8:45 (eastern here)
I guarantee I can find it and youn would fall very directly into that definition .... you do pay the mortgage right?
and you have all the rights and duties of ownership?
Yes I pay the mortgage, and yes both of my brothers has said the house is mine as far as they are concerned
By the way the whole point was that the person in the example DID get to deduct the interest .... There was a letter that had to be written and some other documentation, but knowing I i know about property law, it's conceptually sound
Want to hang with me for a couple of hours on this?
yes I will wait to hear from you, thanks
Ok, I'll switch to the Q&A mode, but don't rate, just check back on this page: gotta go (FOR NOW)
,... Just checking back in to see if you saw that I DID find the answer.
You have what's called "EQUITABLE OWNERSHIP."
The Internal Revenue Code says, in section 1.163-1, paragraph (b) , that you may deduct the interest on the house, in your situation.
Further there has been a US Tax Court decision supporting and upholding the law.
Deduct the interest on your schedule A, form 1040, as an itemized deduction.
Hope this helps,
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