Reply to Cosigning with child on a home mortgage - can I claim it as an investment property

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Reply to "Cosigning with child on a home mortgage - can I claim it as an investment property"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Try to explain this to an IRS auditor. [/quote]why would an IRS auditor care?  She has to claim the income and deduct the expenses but the auditor does not care what interest rate the mortgagee charged.  In fact, she could deduct more with the higher interest rate she is trying to avoid.[/quote]

Yeah, it's possible this is only mortgage fraud and not tax evasion. Which I assume is what OP was originally asking. OP does not seem to be worried about the "committing fraud" aspect of it.[/quote]I wouldn't worry so much about it either.  The mortgage company charges a higher rate for investment oroperty because if yo get into financial trouble you are more likely to default on a investment mortgage over your home mortgage.  I still think the bigger problem is saddling son with a debt and no ownership of the home.  Why not actually consign for him and both go on the deed?  If that doesn't work out then you can rent it to a third party, no fraud involved.[/quote]

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