Don’t overrate mortgage interest tax break

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

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? Mortgage our home, which is fully paid off? We don't want to do that. Have our names added to their deed as co-signers? Would that entitle us to take the deduction, and if so, what is the best way to do that? Purchase their home, which probably entails all of the costs that go with buying a home? We feel t...