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by CareyBot

DEAR BOB: I am paying one-half of my son's mortgage payments, but my name is not on the mortgage papers. However, my name is on the title to the home. Can I deduct one-half of the mortgage interest and property taxes on my 2007 income tax returns? --Rhoda J. DEAR RHODA: Yes. It is irrelevant that your name is not on the mortgage obligation. What matters is your name is on the title to the residence, making you legally obligated to be sure the mortgage and property taxes are paid. Purchase Bob Bruss reports online. Therefore, you are entitled to deduct the mortgage interest and property taxes you pay in 2007 on your 2007 federal and state income tax returns. For more details, please consult your tax adviser. I.R.S. HAS NO EXACT ANSWER HOW LONG HOUSE MUST BE RENTED DEAR BOB: I ...