Can I claim real estate taxes on my annual tax return for IRS if I'm on the deed but not on the mortgage?

There is a deed to a home that is listed under my mom and dad. My dad just passed away and now I want to take him off and put myself on with my mom.

I will however not be refinancing the current mortgage which only has my mom on it.

Will I be able to claim the real estate taxes that are paid via escrow for this property even though I'm not on the mortgage?

And if so, can I only claim the months that I'm on the deed (ie. from May until Dec 2007) or may I claim the whole year?

And is there any way that I can take my mom off the deed once I put my name on the deed? Thank you.

Answers:
I don't see how your name can be on the deed but not on the mortgage, since the mortgage is secured by the property. However, if your name is on the deed, then you can deduct property taxes that you actually paid while you were an owner of the property. If the taxes are paid out of an escrow account, you be sure to send in the money for the taxes to the mortgage company yourself, or write your mother a check and mark it for taxes that she will send into the mortgage company.

If you were an owner of the property for 8 months, then you could deduct up to 8/12 or 2/3 of the property taxes as long as you paid that amount.

You could only take your mother's name off the deed to her property if she consents to it by signing the property over to you. The existing mortgage would have to be paid off upon transfer of ownership, or a new mortgage would have to be taken with you as mortgagee.
If you put your name on, your mom just gifted half of the value of the house to you and you'll have to pay gift tax.

As long as your soc sec number is on the 1099 for the mortagge interest you can claim it - the 1099 is for the whole year, the mortgae company doesn't break it down by month.

If you take your mom off the deed, now she gifted you the other half of the house - pay gift tax on that half, too.

There are better ways to do this - I recommend a tax professional or you will be in lots of tax trouble.

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