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MY TRUST OWNS MY HOUSE AND THE MORTGAGE IS IN THE TRUST

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MY TRUST OWNS MY...

MY TRUST OWNS MY HOUSE AND THE MORTGAGE IS IN THE TRUST NAME, WHERE DO I DEDUCT THE MORTGAGE INTEREST?

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

IS THE MORTGAGE INTEREST DEDUCTIBLE BY THE TRUST?

Submitted: 1 month ago.Category: Tax
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3/19/2018
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 month ago
PDtax
PDtax, Certified Public Accountant (CPA)
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Satisfied Customers: 5,011
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 month ago
The mortgage is in the trust name, so that's where the interest deduction resides.If this is a grantor trust, you might still get the benefit of the deduction, but most trusts would have you pay rent to the trust and claim both the rent income and mortgage interest.Thanks for asking at just answer. Positive feedback is appreciated. Five stars is best. I'mCustomer
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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 month ago

Hi again.Customerhere.

Can I ask for positive feedback to complete your request? Thanks.

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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 month ago

Hi again.Customerhere.

Do you need anything further? If your question has been addressed, please rate my response to close out your request.

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