DEAR BENNY: Our son worked for one company for 23 years until he was laid off about three years ago. He and his wife sold their home and bought a large Victorian home down south, did extensive remodeling and now have a bed-and-breakfast and tea room. They have a mortgage on their home and since they do not have much income yet from their new business venture, we have been paying their mortgage payment.
It appears that because our son doesn’t have much income, he won’t be able to take the mortgage interest deduction, and because we aren’t on their deed, we can’t either, which brings us to our question.
What would be the best way for us to take the interest deduction?