Message Font: Serif | Sans-Serif
No. of Recommendations: 0
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
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.