Podcasts Other Ed Zollars' Tax Update Podcast Home Equity of a Different Sort-Claiming Deductions for a Home the Taxpayer Doesn't Own

Home Equity of a Different Sort-Claiming Deductions for a Home the Taxpayer Doesn't Own

Published: July 14, 2007, 3:36 p.m.

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Equitable ownership of a home can grant a taxpayer a deduction for mortgage interest and taxes even when the taxpayer is not the legal owner.\\xa0 While the taxpayer in the case of Nair v. Commissioner, TC Summary Opinion 2007-116, did not have such ownership, the opinion does outline the requirements a taxpayer would need to demonstrate to have such equitable ownership.\\n

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\\nAs well, Mr. Nair\'s failed attempt to obtain a casualty loss deduction also offers some insights into the issue of establishing basis for items that are involved in a casualty loss deduction.\\n

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\\nThe materials for the podcast can be downloaded from \\nhttp://www.edzollars.com/2007-07-15.pdf.\\n

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\\nThe podcast is sponsored by Leimberg Information Services, located at http://www.leimbergservices.com.\\n

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