Deduct interest on investment property - Posted by John Gomez

import · February 11, 2006, 10:12pm

Posted by John on February 12, 2006 at 06:49:46:

I an not an attorney or a cpa. You would be wise to consult one or both.
The one who pays the payment gets the deduction. The name on title, who lives there, does not mean anything for tax deductions.

import · February 11, 2006, 10:12pm

Posted by John Gomez on February 11, 2006 at 23:12:20:

I am about to buy a residencial single family in CA. The mortgage will be 50/50 with a co-signer (who is providing 40% down and to avoid the gift tax, she will co-sign) who already owns a primary residence, so we have to classify this property as investment property (per our loan co). However, I will use it as my primary residence.

I will also be 50% on the deed.

Can I still deduct the interest on the loan?

Thanks.
John