The optional method allows you to deduct the mortgage interest and state and local real property taxes reported on Form 1098, Mortgage Interest Statement. After you create the trust you will transfer the home to the trust.When you are ready to set up an offshore trust, IRS has strict reporting requirements that need to be followed. Let's find them out! You can't deduct these amounts as points either in the year paid or over the life of the mortgage. First, you'll need to prepare and sign a new deed for the property. You'll usually need a grant form or quit claim form to transfer the deed. Let's take a look at the basics of the Cook Islands international trust and whether it may be right for you and your needs. Form RLG-14, Order-invoice for Real Estate Transfer Tax Stamps, is the form counties use to purchase the stamps. This form is filed as needed.