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You must pay mortage, taxes to claim deductions on son’s home

January 9, 2012
By BOB JEFFRIES , Cape Coral Daily Breeze

Question: When my son was in college, I bought him a modest house near the campus. He rented rooms to his friends and became quite an entrepreneur. He graduated last June but has been unable to find a job in this Florida market. He still lives in the house and rents rooms to several friends. He pays the mortgage, property taxes, repairs and keeps what ever is left over .

However since he doesn't have a real job (except a few weekend bartender jobs), he doesn't need the tax deductions, but I do. Since the title is in my name, can I claim the tax deductions for this house?

Answer: No. To be entitled to income tax deductions for either your personal residence or an investment property, you must make the mortgage and property and tax payments. Because your son is making those payments from the rent received, he (not you) is entitled to the tax deductions.

For 2012 , however , since the tax deductions probably won't benefit your son, you could change the situation by leasing the house to him and have him pay you monthly rent. Then you can claim the tax benefit deductions, including depreciation. For full details, please consult your tax adviser.


Have a real estate question? Write, call, fax or e-mail:

Bob Jeffries, Realtor

Century 21 Birchwood Realty Inc.

4040 Del Prado Blvd.

Cape Coral, FL 33904

239-540-6659 Office

239-542-7760 Fax


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