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Old 03-03-2005, 03:42 PM
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tax on mortgage payments

What is the name of your state? New York
My brother bought my mother's house. My mother held the mortgage. My mother passed away and she left her remaining property to her three children meaning we all inherited the mortgage payment. My brother pays us our third of the mortgage payment. What tax, if any, do we pay on these payments. And if my brother sells the house, he is to pay off the mortgage in full, what tax if any are we to pay on this lump sum?
Last edited by evilfamily; 03-03-2005 at 03:45 PM.
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Old 03-03-2005, 04:48 PM
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You pay taxes on the portion of the mortgage payment that is interest. Principal payments are not taxable.

Snipes
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This post does not create an agreement to represent you before the IRS, nor does it invoke confidentiality regulations. Postings are based only on the information provided and you should consult a tax professional in your area before relying on information contained in this post.
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