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vacation home held by a trust

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kmayfair

Junior Member
What is the name of your state?New York.
My husband and his siblings formed a trust to take ownership of property that had been his (now-deceased) grandmother's home and three rental cottages on a lake. The siblings are the beneficiaries of the trust. The trust took out a mortgage in order to buy out an aunt. My husband was third-party guarantor on the mortgage, and he recieves the mortgage statements, but all of the siblings contribute to the mortgage payments. Are they all entitled to deduct a share of the mortgage interest from their individual taxes?
 


tdavidl

Member
yes. simply notify each sibling of their respecitve share of mortg interest & incl. a copy of the form 1098 & maybe a copy of the trust document to prove they are indeed benies of the trust.
 

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