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.This is true with respect to mortgage interest. If there was a situation in which someone was liable for the loan but not one of the titled owners that person would be able to deduct mortgage interest but would not be able to deduct property taxes even if he paid them.In real life, I've never seen a situation in which someone was liable for the mortgage but wasn't on the title. That's not to say it couldn't happen, just like baby pigeons, I've never seen it.Phil
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra