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billyg02891
Level 1

Mortgage interest deductions

Can I deduct interest payments I have been making on a Mortgage that is in my deceased Fathers name.  The Estate is still open due to the fact that we still need to sell some other property my Father owned so I am unable to write the a mortgage in my name.  The houses deed is in my name now, but the mortgage is still in my Fathers name.  I live in the property and it is my main docile.

1 Best answer

Accepted Solutions
TomD8
Level 15
Intuit Approved!

Mortgage interest deductions

If the deed on the home is now in your name, you can deduct both the mortgage interest and the property taxes that you actually pay.  The mortgage doesn't have to be in your name.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

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4 Replies
Critter
Level 15

Mortgage interest deductions

Yes you can but you really need to get this fixed with the mortgage company ... they may or may not let you take over the mortgage ... if something happens to the home it could be a legal mess.  

tagteam
Level 15

Mortgage interest deductions

@Critter is absolutely correct; get this fixed as soon as possible. A transfer of title, upon death of the mortgagor or otherwise, almost always triggers the due-on-sale clause in the mortgage. You might want to consult with an estate planning or real estate attorney.

TomD8
Level 15
Intuit Approved!

Mortgage interest deductions

If the deed on the home is now in your name, you can deduct both the mortgage interest and the property taxes that you actually pay.  The mortgage doesn't have to be in your name.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

View solution in original post

billyg02891
Level 1

Mortgage interest deductions

Like I originally stated, the Estate is still open so I can't get a new mortgage until it is closed.  My credit score is perfect and the house is fully insured.  I am a "Jr." and the Mortgage company is aware but they won't let me assume the Mortgage without going through the whole closing process.  I spoke several times with the VP and he said it wasn't worth the closing cost (it's a small Mortgage).  The title was transferred about a year ago by my Dad's Estate attorney and I'm just paying the old mortgage.  Thanks for letting me know that the interest and taxes are deductible in my situation!  Your the best!!

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