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Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 42283
Experience:  Texas Attorney for 30 years dealing in real estate
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I am purchasing a home in California. I buy as Noma Family

Customer Question

I am purchasing a home in California. I buy as Noma Family Trust, I am the Settlor and Trustee, My Son is also trustee of the Family Trust. I am on Mortgage, but my son is not. If he pay the Mortgage, can he deduct it from his 1040 A itemized deduction , altough he is one of the trustee ?
Submitted: 9 months ago.
Category: Real Estate Law
Expert:  Ray replied 9 months ago.

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question, conduct and prepare your response.

Expert:  Ray replied 9 months ago.

The trust as the owner would file a trust tax return and deduct the taxes, upkeep, repair off the trust return.The trust can take the deductions.Unless the title is transferred to him he cannot take the deductions.The trust is likely filing a return here anyway in California.The trust may get a refund which would go to the trust but here the beneficiary gets the benefits so indirectly he gets deduction through the trust.

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