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Can my son write off mortgage if house is in my name.He does…

Can my son write...

Can my son write off mortgage if house is in my name.He does reside in the home.

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

What else do you need to know?

Accountant's Assistant: Is there anything else important you think the Accountant should know?

No, I just need to know if he's able to write off house if its not in his name.

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Answered in 4 minutes by:
11/20/2017
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,857
Experience: Taxes, Immigration, Labor Relations
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In order to deduct the home mortgage interest and real estate taxes the person MUST OWN the property and be personally liable for these charges.
If your son's name is NOT listed on the title - it seems that is is NOT an owner - if that is correct - he will not be able to deduct the home mortgage interest and real estate taxes.

If your son pays he home mortgage interest and real estate taxes - these are considered as payments to you - as you are responsible to make these payments.

Sorry if you expected differently.

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Customer reply replied 6 months ago
Thank you..... so, the tax preparer will not allow it without 1099?

Home mortgage interest is reported on form 1098.

In general - yes - that form indicates that the person was liable for these payments and specifies the amount which was paid.

If there is no such form - and home mortgage interest is deducted on the tax return - the IRS normally sends a note asking to provide supporting documents - specifically to support the ownership and will the amount paid.

So in general we may deduct mortgage interest without form 1098.

But will be required to have other supporting documents.

If you are using any tax preparation service - the tax preparer will usually ask for supporting documents.

If you have none - most likely the tax preparer will not agree with such deduction.

Lev
Lev, Tax Advisor
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