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Mortgage Interest Taxpayer inherited two homes in the same…

Mortgage InterestTaxpayer inherited two homes...
Mortgage InterestTaxpayer inherited two homes in the same year. One from each parent, both were primary resident of deceased parent. Deceased parents were divorced and both died within 12 months of each other.Within that year, the mortgage stayed in the name of deceased and under their ss#. Taxpayer was responsible for making the mortgage payment until house was sold. Properties were never rented.* Can the taxpayer take the mortgage expense on schedule A for those two mortgage interest expenses?
* Will it be like primary mortgage or will it need to be investment interest?
* Will I need to prove to IRS that taxpayer made payments from his own funds?Thanks,
JW
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Answered in 2 minutes by:
10/16/2017
Robin D.
Robin D., Senior Tax Advisor 4
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Unless you are the primary borrower, you are legally obligated to pay the debt and you actually make the payments you may not claim the deduction for the interest paid on either.

The homes nor mortgages were changed to your responsibility so you had no legal responsibility to pay the loans. If the deeds were changed to your name and you were the owner then the amounts could be used for investment but only if you have investment income to deduct the amounts from.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
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Experience: 15years with H & R Block. Divisional leader, Instructor
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