Sold home to investor trust-who deducts real estate taxes & interest Please advise,
I recently "sold" my home, on the advice of a trusted realtor, to an investor in a trust situation. The mortgage is still in my name, but the deed was transferred to the investor corp. who has leased out the home and is making the monthly payments. My understanding is that they plan to hold onto to the property until the market turns around and then will "sell" it and then the mortgage will then be transferred to the final buyer at that time.
Who can claim the deduction of the property taxes and the mortgage interest on tax returns.
Thanks,
K in Texas |