General Real Estate Investing
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated 7 months ago on . Most recent reply
Second home purchase
I have an opportunity with a family member to jointly purchase a home for the family member to live in as their primary residence. They will pay all PITI and repairs while there. The home is in Arizona. I live in California.
The loan is to be in my name (credit is better). The loan is deemed to be for a second home. I am "on paper" and considered to be the owner.
No rental money will be asked to be paid to me as the family member is paying the mortgage.
Do I have the ability to take interest and taxes as a deduction on my return? Or does the family get those write-offs?
What happens upon sale or if the family member should pass away?
Do I file any yearly tax information on my 1040?
The thought is I will receive the proceeds from the sale when or if the property is sold.
Appreciate your soonest reply as the opportunity/closing is scheduled for mid-August
thanks
Paul
The loan is to be in my name (credit is better). The loan is deemed to be for a second home. I am "on paper" and considered to be the owner.
No rental money will be asked to be paid to me as the family member is paying the mortgage.
Do I have the ability to take interest and taxes as a deduction on my return? Or does the family get those write-offs?
What happens upon sale or if the family member should pass away?
Do I file any yearly tax information on my 1040?
The thought is I will receive the proceeds from the sale when or if the property is sold.
Appreciate your soonest reply as the opportunity/closing is scheduled for mid-August
thanks
Paul