Mortgage Deductions for those who cannot get a Loan

You tried to get a loan, but did not qualify. So, you look to your parents or children to acquire the loan and real estate in their name. If you pay the mortgage and property taxes, can you get a deduction? Under Tax Court Summary 2008-84, a couple was able to claim the deduction in property owned by their son. Because they had paid all interest and property taxes, the court stated that they were equitable owners of the property.
Please consult your tax advisor before making any decision. We’re here to help: www.ricknorriscpa.com