Personal property

Forum|Forum|4 years ago
January 26, 2022
1 reply
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Don’t know if question went. My son stayed with me in my home as of OCT 2020. He purchased my home . Then he married and moved into her home. In Dec 2020. I, his mother pays the mortgage. He does not think this is a rental property. Will he have to show something for this second home on his taxes?

JulieS

Level 15

No. Since the property is in his name, but you pay the mortgage, he can't take a deduction for mortgage interest, because he is not making the payments.

If your name is not on the deed or the mortgage, you can't deduct the mortgage interest either.

Likewise, neither of you can claim the real estate taxes. Real estate taxes are only deductible by a taxpayer who pays the tax and is legally required to pay the taxes.

Your son does not have to report this as a rental, and he also doesn't have the right to deduct anything unless he is the one who pays the real estate taxes.

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