Re: [taxchat] Equitable party

Robert that is the same conclusion we all arrived at last time.  So that's even more confirmation.  I actually used it for a client on the 2006 tax return. 

 

 

----- Original Message -----

From: Robert Lukey

To: taxchat@yahoogroups.com

Sent: 11/30/2008 10:31 AM

Subject: [taxchat] Equitable party

Several months ago it was asked if a relative could deduct the interest if they were making the mortgage payments. At that time the consensus was that only the mortgage/title holder could make the deduction. I was reading an excerpt this AM in the October Journal of Accountancy that described when another party could take the deduction. As I had taken the stand that a family member could since I had allowed the son, as one of my clients, to take the deduction this article makes me feel happier about my choice. My client like the party in the excerpt was the equitable party as they made the mortgage payments, paid the property tax and took care of the maintenance. In the excerpt the brother and sister-in-law were making the payments while the owner was the qualifier for the mortgage.

--
Robert Lukey EA CPA

Arnie Socol
President
Ways & Means, Inc.
845-562-6070

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