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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
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My son is considering buying a condo parents to use. The

Customer Question

My son is considering buying a condo for his parents to use. The parents would make all the payments for mortgage, property taxes and repais. Question is if parents can take all the deductions
Submitted: 11 months ago.
Category: Tax
Expert:  emc011075 replied 11 months ago.

Hi. My name is ***** ***** I will be happy to help you.

To take the property tax deduction, your parents have to be OWNERS of the property (must be on the deed) and make the payment. To take the mortgage interest deduction, your parents must have a loan secured by the property they own. If your parents are not listed on mortgage, they cannot take the deduction.

Expert:  emc011075 replied 11 months ago.

If your parents take out a mortgage with you as co-signer they will be able to deduct the property taxes and the interest. However, if you are the owner of the property and you take out the mortgage, nobody will be able to take the deduction because your parents are not responsible for the mortgage payments therefore cannot take the deduction and if somebody else makes payments on your mortgage, you cannot take deduction because you don't make the payments. Similar rule will apply to property taxes.

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