Deducting inherited house mortgage interest...

[drwatts]

I live in NC... My wife's father passed away in July and she inherited his house... We have been paying the house payment since August (he paid the real estate taxes before he died)... Can we deduct anything from the 1098 form on the house?

If you need any more information, let me know--I'm not that educated in tax law...

Thanks!

 

[LdiJ]

I live in NC... My wife's father passed away in July and she inherited his house... We have been paying the house payment since August (he paid the real estate taxes before he died)... Can we deduct anything from the 1098 form on the house?

If you need any more information, let me know--I'm not that educated in tax law...

Thanks!

Assuming that the 1098 is in his name and social, it would go on HIS final tax return.

Your wife would have to be both legally liable for the mortgage AND to have paid the mortgage in order for it to be included on your return. I understand that you are paying the mortgage in order to preserve the asset, but your wife is not legally liable for the mortgage. Legally, she should be liquidating the asset and paying off the mortgage.

 

[drwatts]

Thanks! That was a lot of help!