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matrix

Trusts And Taxes

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my son has a home the mortgage iscin another mans name so my son cant claim deductions for interest and taxes if heputs home into a trust can he file again an amended taxereturn and get it handled that way thanks

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Matrix, you said your son 'has a home', do you mean he bought it from this man 'subject to' or does he just have an option contract? If title is in your son's name he can claim the tax deduction on the mortgage interest without messing with a trust. My CPA doesn't even need the tax statement from the bank, we just estimate what the interest portion of the payments I make are based on the age and type of mortgage it is.

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