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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]Plan to buy a second house under my name for my child to live in and rent it to him and claim it as an investment property. However there are of course higher rates associated with a loan on an investment property. Can I instead cosign a loan with my son, and since he is the primary house resident, get the non-investment interest rate and claim the house as an investment propoerty on my taxes?[/quote] Mortgage and tax fraud - a two-fer. [/quote] How is it mortgage fraud. The reason for the higher interest rate is that you may not get a renter that can pay etc. If you are a primary resident, you are less likely to default. Child is resident. How is it tax fraud? Owner is parent and pays for all maintenance costs and interest and mortgage. [/quote] It is absolutely mortgage fraud. The bank charges a higher interest rate bc investment properties represent bigger risks than an owner occupied property. [/quote]
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