2007-09-01 04:09:58 · 6 answers · asked by luckyme 1 in Business & Finance ➔ Taxes ➔ United States
If you are on the mortgage and the deed yes, but if not then no you can't.
2007-09-01 04:16:22 · answer #1 · answered by Anonymous · 1⤊ 1⤋
As others have noted, you cannot take the mortgage and real estate deductions unless you own the property as well as make the payments.
However, if you are providing over half of your mother's support, and your mother has less than $3,400 of income subject to tax, then it may be possible to claim your mother as a tax dependent.
Also, since you are paying the mortgage, you may be paying over half the costs of maintaining her home. If so, and your mother is your tax dependent, you may be able to file as head of household with your mother as your qualifying dependent.
2007-09-01 14:34:08 · answer #2 · answered by ninasgramma 7 · 1⤊ 0⤋
No, you cannot. And neither can your mother from what you say.
You must be legally obligated for the debt and actually pay the payments to claim the mortgage interest deduction. Since you are not legally obligated for the debt, you cannot claim the deduction. Since your mother didn't actually make the payments herself, she cannot claim it either.
2007-09-01 11:46:04 · answer #3 · answered by Bostonian In MO 7 · 3⤊ 0⤋
You can only claim mortgage interest if you are legally required to pay it (you are on the mortgage). Also, you can only claim the interest even then if it is your main home or second home. If you don't live there, then no.
2007-09-01 17:58:57 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
No for reasons given in other answers. Also, even if someone could take a deduction, only the interest could be deducted, not the entire payment.
2007-09-01 15:16:50 · answer #5 · answered by StephenWeinstein 7 · 0⤊ 0⤋
Not unless you name is on the deed
2007-09-01 12:22:18 · answer #6 · answered by Helpfulhannah 7 · 0⤊ 0⤋