question archive Rosa purchased a home in Quogue, NY in 2002 but she lives in Brooklyn with her sister
Subject:BusinessPrice: Bought3
Rosa purchased a home in Quogue, NY in 2002 but she lives in Brooklyn with her sister. She lets her son Bob and his wife Samantha live in the Quogue house. Astoria Bank holds the mortgage with only Rosa’s name on the property as she did not add her son’s name to the property deed. Since Bob lives in the Quogue house, he makes the monthly mortgage payments to Astoria Bank. Who can deduct the mortgage interest expense for the current year? Select one: a. Bob, since he makes the payments b. Rosa, since she owns the property and is liable for the payments c. Both, since they are related d. Neither, since Rosa is not paying her liability and Bob is paying for what he is not liable