Have a Tax Question? Ask a Tax Expert
You might want to find out if the probate is going to file a tax return. Also, he may need to file a tax return and claim the interest. Does he have an attorney or accountant. You might want to talk to them. Who received the interest? Did you get a 1099-INT? Why do you want to claim the interest?
It will just make your taxable income go up.
Why is it in your name? They should have deeded the property to him as part of the divorce. You probably need to see an attorney to get the property in the daughters name. The probate attorney should be able to help.
You should be able to quitclaim deed the property to them. Don't they want it? I would try to get some help from legal services or a lawyer in your area.
Ok. Well then they will need to refinance.
Are you paying it? Did you get a tax form from the bank?
The IRS allows only the actual owners of a property to claim tax deductions for that property. For example, someone else besides you could be paying your mortgage and property taxes but won't be able to claim deductions for those payments. Property ownership deductions also stay with property owners even when they don't reside on or live in those properties. If you're renting your property out, you get to keep the mortgage interest and property tax deductions, for instance.
Who is Hope Acosta? Who is paying it?
If she pays it, then she should claim it.