my son is helping me to pay the house mortgage which in under my name, can he deduct these payments when he files his tax?
2007-02-04 10:30:41 · 3 answers · asked by CK 1 in Business & Finance ➔ Taxes ➔ United States
Only the person who is legally liable for the debt can take the deduction for home mortgage interest.
Publication 936
http://www.irs.gov/publications/p936/index.html
2007-02-04 10:41:42 · answer #1 · answered by Anonymous · 3⤊ 0⤋
No. Uncle Sam says that in order for someone to claim the mortgage-interest deduction, he must be liable for the debt.
2007-02-04 10:42:48 · answer #2 · answered by tma 6 · 1⤊ 0⤋
NOt sure what you mean but you can deduct the mortgage INTEREST on your mortgage no matter who pays them up to what you earn.
For example if you earn 10k and 11k was paid in interest, you are going to have a large problem since the refunds have to make sense.
(you can't pay more money then you have on your mortgage)
2007-02-04 10:39:11 · answer #3 · answered by lisa s 6 · 0⤊ 2⤋
No because it comes in your name. Just claim it then give him some of your return to pay him back for paying some of it. www.shaydzofluv.com
2007-02-05 04:24:38 · answer #4 · answered by shaydzofluv 2 · 0⤊ 0⤋