Oct 09
28
How can IRS know if I actually paid or my mom paid the tax and mortgage interest before I was on Deed and Mort
Posted by taxliensHi, this is a follow up question to my original.
Most have said I cannot deduct the mortgage interest and property tax that was paid on this property that I was put on deed toward the end of the year.
How can IRS actually know that it wasn’t me paying this?
If I provide funds to my mom earlier this year to make her mortgage payments and tax payments, isn’t that considered me paying for it?
At the end of the year, the mortgage companies will have both my name and my moms on the 1099 as well as the property tax reciept with both my name and hers since by the time they generate this i will be on the deed too right?
Only the person who is legally obligated to pay the mortgage or tax payment is allowed to take the deduction on his/her taxes. If your name was not on the Mortgage and/or Deed, then you can not take the deduction. If your Mom’s name was the only listed and you paid them out of your pocket, then the IRS will consider you a nice child who gave a lovely gift to your Mom, but you can not take the deduction.