Question of the month

Q.My parents’ income has dropped to the point where they get no tax benefit from home mortgage of property tax deduction. If I pay those items for them, may I deduct them on my return?

A.You can deduct only what you legally owe. To deduct the mortgage interest, you must be liable to the bank on the mortgage. To deduct property tax, you must be on the deed as a property owner who is liable to the tax. If you are not on the mortgage or deed you can’t claim these deductions.

You might want to get help in estate planning to see if there is a way that you can pick up the deductions as part of a larger estate plan for the family.