ANSWERS: 1
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No. The IRS requires that you must be legally liable for the loan to take the deduction. The IRS checks this by requiring banks to issue Form 1098 for all qualified mortgage interest. The bank is required to list the social security number of the payee on the form, and it binds the deduction to that person. Talk to your bank about the situation. The bank may let you put your son's name onto the loan so they can issue the 1098 in his name in the future.
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