Hi,
I have a few questions. I'll start by giving the situation.
'Property' is currently jointly owned by my mother and I, so I am on the deed. The mortgage has only my mother and father's name on it. I am paying the mortgage fully (and, therefore, the property tax as well since it is part of the mortgage payments). Only my mother lives at this property. A room at this property is also rented out; the lease has my mother named as the landlord. Rent payments, therefore, are going directly to my mother. My mother then sends me 90% of the rent payment.
Question 1: Is it appropriate to fully claim the mortgage interest on my taxes, since I am the one actually making the payments?
Question 2: Is it appropriate to claim 90% of the rental payments that is being sent to me on my taxes as income and the rest of the 10% on my mother's, since that is how it is being distributed in the end?
Question 3: Is it appropriate to fully claim the rental property depreciation on my taxes?
Help on any of these would be appreciated.
