B
bugszie
Guest
What is the name of your state?NM
Our daugther lives in SF, CA. She does not make enough income to purchase property in that area. However, she wants to invest in a vacation home in NM. She want to invest with her Aunt, who would live in the property. She would need to borrow money for this joint venture, but her Aunt would not. Her Aunt would be the care taker of the proptery. The property would not be rented out.
1. Can she take the interest from the mortgage off her Federal taxes as a secondary or vacation home, even though she does not own property in CA?
2. The title would be in both their names, does this complicate the issue any?
Our daugther lives in SF, CA. She does not make enough income to purchase property in that area. However, she wants to invest in a vacation home in NM. She want to invest with her Aunt, who would live in the property. She would need to borrow money for this joint venture, but her Aunt would not. Her Aunt would be the care taker of the proptery. The property would not be rented out.
1. Can she take the interest from the mortgage off her Federal taxes as a secondary or vacation home, even though she does not own property in CA?
2. The title would be in both their names, does this complicate the issue any?