Making Mortgage Payments.
Let's say I closed a sub-to deal early this year and have been making the mortgage payments on time. At tax time, do I get a write-off for all of the interest payed on the mortgage? Since technically the mortgage is not in my/my company's name, I'm not sure how this works. Who would get the deduction?
My tax accountant says "whomever pays the interest gets the write-off".
However, I would check with your attorney or tax accountant to verify.
Hope This Helps,
Mrs. Meltzer