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Subject:  Re: Mortgage interest question Date:  3/6/2000  6:50 PM
Author:  JAFO31 Number:  31048 of 127979

upbuffer: "Is there a way to mortgage a home I don't own (with owners permission, of course) so that I can deduct the interest?"

I do not think that you can take the mortgage deduction for interest paid when you do not own the house. OTOH, is there any chance that you will be paying investment interest?

"Restated: Can you deduct interest you paid on a loan against real estate you don't own?"

Not as mortgage interest, as I understand the rules.

"(Family member has agreed to loan money to me against their house (details too numerous to list) - is the interest deductible?)"

If family is loaning to you, why would there even be amortgage on his/her/theor house? I believe that you may have skimped on some clarifying details. Also, I beleive that loans between relatives may also have some special rules applicable to them.

I am hopeful that one of the resident pros will chime in.

"Is there a best/alternate way to do this?"

I think that there are too many details missing for anyone to posit much in the way of alternatives.

Probably not much help, but I tried.

Regards, JAFO

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