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PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4670
Experience:  35 years tax experience, including four years at a Big 4 firm.
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I have a mortgage in my name on a house in a trust. I am the

Customer Question

I have a mortgage in my name on a house in a trust. I am the trustee, my son is the alternate trustee. I moved out my son is living there and paying the mortgage. how can he claim the interest on schedule A ?
JA: Thanks. Can you give me any more details about your issue?
Customer: I want to show on my tax return my son in paying the mortgage so he can claim the interest I do not claim it
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Submitted: 1 year ago.
Category: Tax
Expert:  PDtax replied 1 year ago.

Hi from just Answer. I'm PDtax. I can assist.

Expert:  PDtax replied 1 year ago.

As you know, the loan in your name does not lend itself to anyone else claiming the interest deduction. Unless, he agrees to join you on the loan.

He could just simply have his name attached to the loan as a co-debtor. Easy to do if your loan is serviced locally. Harder, and might need an attorney's services, if it isn't held locally.

Or, you could refinance the debt, and he could take it over in a refinance. Maybe lower rate, lower payments, as another option.

Either way, he can't deduct the interest on a loan he is not liable for in some fashion. The deduction can't be assigned or transferred.

Expert:  PDtax replied 1 year ago.

There just isn't an easy way that this can be done. But, if he wants the deduction, owning the debt as a codebtor or as the borrower would be worthwhile.

Thanks for asking at Just Answer. Positive feedback is appreciated when you accept my response. I'm PDtax.