Mom needs real estate tax deductions

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DEAR BOB: My mother wants to help my sister buy a modest home. I recall your writing about joint tenancy survivorship and tenancy in common for holding title. What is the best arrangement so mom can get the tax deductions for payments she makes until my sister gets on her financial feet? – Frances C. DEAR FRANCES: Your question provides a great opportunity to compare the pros and cons of these two title methods for two or more co-owners holding title to real estate. Purchase Bob Bruss reports online. Joint tenancy with right of survivorship means the surviving co-owner owns the entire property after the other joint tenant dies. All joint tenants are equal owners. A joint tenant owner's will has no effect on joint tenancy property. No probate proceedings are required after one joint tenant dies. In most states, the surviving joint tenant need only record a certified copy of the other joint tenant's death certificate and an affidavit of survivorship to clear the title. But tenant...