Discussion Archives:Father and Son

From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.

From TaxAlmanac

Jump to: navigation, search

Discussion Forum Index --> Advanced Tax Questions --> Father and Son


Discussion Forum Index --> Tax Questions --> Father and Son

Acctaxman (talk|edits) said:

14 December 2011
Father and son each owns 50% of their home.

Father paid for 100% of the mortgage interest and the property tax. Son pays nothing.

(1) Father claims 100% of the mortgage interest and property tax itemized deduction. Son claims none.

(2) Father claims 50% of the mortgage interest and property tax itemized deduction. Son claims the other 50%. Father should file a gift tax return on the 50% mortgage interest and property tax payments that he paid for his son (if the total annual amount is more than $13,000).

Acctaxman (talk|edits) said:

14 December 2011
Sorry, I forgot to ask whether (1) or (2) is correct.

Ckenefick (talk|edits) said:

14 December 2011
Which way would you prefer?

Acctaxman (talk|edits) said:

18 December 2011
Chenefick, I prefer one that is allowed by the IRS so my client won't get in trouble down the road. Do you have advice?

RoyDaleOne (talk|edits) said:

18 December 2011
What Chris means it appears that either option 1 or 2 is correct.
Personal tools