Interest and Property tax deductibility - Posted by Jack

Real Estate Investing Real Estate Law
1

Posted by Jack on April 29, 2004 at 11:19:47:

I purchased a foreclosure property by taking the property subject to existing financing. Here is the fact set:

  1. the financial institution does not know about the change in ownership of the property, except that we have advised them of the address change for the monthly statements, and I do not want to change the existing financing;
  2. the bank is still using the taxpayer number of the previous owner for recording and forwarding tax information to IRS:
  3. I paid both the interest and taxes.

Questions:
Who is entitled to the interest and property tax deduction on the property?