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Financial Planning / Tax Strategies


Subject:  Re: Shacking up, filing separately, please help Date:  11/11/2003  6:08 PM
Author:  wtam Number:  67526 of 127747

I have been told, and my read of the relevant IRS publications also leads me to believe, that it does not matter who is actually on the title of the property with respect to deducting the mortgage interest. What matters is that the person taking the mortgage interest deduction is named on the mortgage loan note. The key is that the person taking the deduction must be legally liable for repayment of the loan, whether or not he actually has ownership of the property or not.

Is this correct? Or if ownership/title is required, could someone cite where this requirement is to be found. Please, no "i believes" but only an "I know" with a specific reference.

thank you.
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