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I'm disabled and retired, and own a home. My son supports me…

Customer Question
I'm disabled and retired...

I'm disabled and retired, and own a home. My son supports me a great deal, but since I have no need to file a tax return I'd like to know, if I quit claim partial ownership to him, can he write off the interest I pay?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

No, he does live here and my wife, who is on the mortgage, is deceased.

Submitted: 2 months ago.Category: Tax
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Answered in 1 minute by:
12/19/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,543
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. My Lane’s Lane …

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice to clients on three continents since 1986.

If you’ll please bear with me for a minute I’ll type up my initial response, and then we can go from there if you have further questions on this.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 months ago

If your son were audited, the only way he could support an interest deduction, is, yes (1) be on the deed as owner, (2) actually pay the interest, and (3) be legally obligated to pay the interest.

...

You might ask the mortgage company to add him as a co-borrower. OR he could re-finance (once he IS on the title) the loan into his name or into a loan with co-borrowers.

...

Finally, it's important to note that NEXT year, the standard deduction is being doubled, so MANY of the people that itemized their expenses on the return will now have a standard deduction that's higher than the itemized deductions and not be able to use the interest deduction.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 months ago

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating, using the stars on your screen, and then clicking “submit" (you may have to scroll up to see the stars, OR look to one side or the other if you’re on a device, such as a phone or tablet) – That’s the only way I’ll be credited for the work.

I hope you’ll rate me based on my accuracy and thoroughness (as opposed to any good news/bad news content). Thank you!

..

But again, if you need more on this, please let me know.

Lane

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,543
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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