turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

ghirakami
New Member

My mom & I are on the deed for her home. She has a mortgage in her name only and pays the mortgage/taxes. Can I deduct the mortgage interest/taxes, if she does not?

If I cannot deduct 100% of the mortgage interest and taxes, would I be able to deduct 50% next year as I will be paying 50% of the mortgage and taxes for her home.
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
Anonymous
Not applicable

My mom & I are on the deed for her home. She has a mortgage in her name only and pays the mortgage/taxes. Can I deduct the mortgage interest/taxes, if she does not?

no as to the mortgage interest. you are not on it and didn't pay it.  for the taxes, you could if you paid them, but you didn't.  

pk
Level 15
Level 15

My mom & I are on the deed for her home. She has a mortgage in her name only and pays the mortgage/taxes. Can I deduct the mortgage interest/taxes, if she does not?

@ghirakami , on a different subject, please can I suggest  you talk to an estate lawyer or  tax professional on this --  because  since you are co-owner,  and if your mother intends  to pass the house to you,  AND you sell the property you will be hit with an unexpected tax bite.  Because   depending on the type of joint ownership,  it may not be an inheritance to you and thus will be subject  large ( could be ) capital gain tax.  Please consider discussing this appropriate  professional , as suggested above.

TomD8
Level 15

My mom & I are on the deed for her home. She has a mortgage in her name only and pays the mortgage/taxes. Can I deduct the mortgage interest/taxes, if she does not?

It is NOT necessary for your name to be on the loan in order for you to deduct the portion of the mortgage interest that you actually pay.  What is necessary is that you have an ownership interest in the qualified home that secures the mortgage.

https://www.irs.gov/publications/p936

Also, if you have an ownership interest in the property, you may deduct the portion of the real estate taxes that you actually pay.

You cannot deduct mortgage interest or property taxes that you don't actually pay.

 

 

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

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies