My parents purchased this house three years ago for an investment. I moved in at that time and have been paying the property taxes and mortgage. Now that I am earning more, I could benefit from the deduction. My parents are supportive of this. I could purchase it; we could refinance and add my name to the note. BUT couldn't we save costs by simply adding me to the deed and let me claim the deduction? If so, if I am added this November, can I claim the deduction for the entire year since I have been paying it and they will not claim the deduction?
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To claim the mortgage interest deduction, you must be legally obligated to pay it. So if your name is NOT on the loan, you have no legal obligation to pay it. Therefore you can not claim it.
To claim the property tax deduction, you must be legally obligated to pay it. If your name *IS* on the deed, then you are legally obligated to pay it and can therefore claim it.
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