What is the name of your state? CALIFORNIA
My parents and I are listed on the property title. I am not, however, on the mortgage loan. But I have been making the monthly loan payments directly to the bank via electronic transfers from my savings account.
From several posts with similar subjects, I think it is safe to say that I am allowed to deduct the mortgage interest and property tax as long as my parents do not deduct it on their tax return. Correct?
Now, since my parents DID pay for the Supplemental Property Taxes on the same property (not included on the escrow account), can they deduct that amount they paid on their tax return?
RRf
My parents and I are listed on the property title. I am not, however, on the mortgage loan. But I have been making the monthly loan payments directly to the bank via electronic transfers from my savings account.
From several posts with similar subjects, I think it is safe to say that I am allowed to deduct the mortgage interest and property tax as long as my parents do not deduct it on their tax return. Correct?
Now, since my parents DID pay for the Supplemental Property Taxes on the same property (not included on the escrow account), can they deduct that amount they paid on their tax return?
RRf