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Updated over 9 years ago,

User Stats

31
Posts
1
Votes
Jim Lou
  • Investor
  • Philadelphia, PA
1
Votes |
31
Posts

Can I write off interest/taxes if I'm not on the note but live in and pay for a house?

Jim Lou
  • Investor
  • Philadelphia, PA
Posted

Here's the scenario:

I just bought 2 investment properties and can't qualify for another loan until I show income for 2 years. So a friend is offering to mortgage the house we want if we pay all costs and give him a percentage on top as well as having some equity if it appreciates. 

Can I write off the interest if I'm not on the note? Should I get on the deed? Will the bank allow that? We're in Philadelphia if that matters. 

Thanks in advance!

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