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Itemized Deductions Schedule-A


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Old 03-05-2011, 06:42 PM
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Can a trustee deduct property tax and mortgage of a house?

Hi,
My parents are retired with no income other than their retirement fund. I'm living with them and paying for mortgage and property tax. I am one of the trustee of the house, but the 1098 is listed under my parents name. Since they are not working they really can't deduct anything, can I deduct any of those under my tax return?

Thanks,



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Old 03-06-2011, 08:50 AM
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“can I deduct any of those under my tax return?”---> You cannot deduct mortgage interest you pay for someone else if you are not legally liable for paying it(unless you are legally liable for the loan). You have to be legally liable for the loan in other words. Your father cannot deduct the mortgage interest either because he did not make the payments. Also you can deduct only property taxes that are imposed on you. You cannot deduct the property taxes unless you are the legal owner of the property.



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