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?
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?