Kind of. I'm going to build a house, and my aging parents are going to live in the guest house.
They will put down the deposit (about 50% of home cost).
I will assume the mortgage, which is important for the tax break.
So the question is: legally, financially, how do we do this? My dad is retired-ish. So if we have a joint mortgage I assume I would only be able to deduct 50% of the mortgage interest? And if my dad gave me the money for the house outright I would have to pay a lot of tax on this gift right?
They will put down the deposit (about 50% of home cost).
I will assume the mortgage, which is important for the tax break.
So the question is: legally, financially, how do we do this? My dad is retired-ish. So if we have a joint mortgage I assume I would only be able to deduct 50% of the mortgage interest? And if my dad gave me the money for the house outright I would have to pay a lot of tax on this gift right?
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