estate property motgage interest deduction?

Please comment. My father passed away in 2001. My brother and I, sole beneficiaries, have paid the mortgage for all of 2002. He is going to buy me out thhis month when we settle the estate. Question: Can we claim the interest we paid on our own tax returns? The 1098 came in Dad's name, not under the name of the estate which we have set up. confused

Comments(1)

  • DaveT16th April, 2003

    Better check with the attorney handling your father's estate settlement. I would think that your father's estate should have been paying the mortgage all along and that any mortgage interest deductions would be claimed on the estate tax return.

    In addition to the federal estate tax return (Form 706), many states also have a state specific estate tax return with specific timelines for when these returns must be filed.

    I could be all wrong here, but it is definitely worth having a lawyer's opinion in writing on your question.

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