Probably not. In order to claim the home mortgage interest deduction he would need to live in the home either as his first or second home and also pay the payments. If your son is making the payments and living in the home, the interest is his to deduct.
As for "Write off" mortgage interest is only deductible as an itemized expense. Itemized expenses include mortgage interest, gambling losses up to winnings, charitable contributions, state and local taxes up to $10,000, medical expenses in excess of 7.5% of your AGI and casualty and losses in excess of 10% of you AGI with the first $100 not counting towards the loss. Your health insurance and all medical expenses are only deductible for the amount that is over 7.5% of your AGI. This means if your AGI is $50,000, then the amount that is over $3,750 is deductible.
Then your total itemized expenses would need to be greater than your standard deduction below in order to benefit from your expenses.
The 2023 Standard Deductions are as follows:
- Married Filing Joint (MFJ) $27,700
- Married Filing Separate (MFS) $13,850
- Head of Household (HOH) $20,800
- Single $13,850
Blind or over 65 and MFJ or MFS add $1,500
Single or HOH if blind or over 65 add $1,850
Standard versus Itemized Deduction
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