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‘Equitable owners’ access real estate tax benefits

Mortgage interest deduction doesn't require each name on loan

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DEAR BOB: I was intrigued by the recent item in your column where two brothers own a property but the mortgage lender advised refinancing in only one brother's name because the other brother had bad credit. You said each brother can claim his share of mortgage interest actually paid. Is there an IRS ruling on this issue? As I have a similar situation, when I contacted the IRS they told me if my name is not on the mortgage I cannot deduct the interest paid – Victor M. DEAR VICTOR: Please don't rely on information you receive from the IRS. Although the IRS agents do their best, survey statistics show they are often mistaken. Nobody can know the answer to every tax question. Purchase Bob Bruss reports online. If your name is on the title to a property, you are legally obligated to make all mortgage payments. Should you fail to pay, you could lose the property by foreclosure. The property owner's name need not be on the mortgage obligation to be entitled to deduct the mortgage i...