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    jazzplayer's Avatar
    jazzplayer Posts: 1, Reputation: 1
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    #1

    Mar 6, 2010, 11:25 AM
    Can I be on mortgage but not be on title? Can I tax deduct interest I pay?
    My brother is buying his first primary residence close to my house in MD. Can I be on the mortgage but not be on the title of the house. If this is allowed, will I be able to deduct the portion of the interest I pay for the mortgage on my yearly federal tax return?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Mar 8, 2010, 09:24 AM

    1. Yes, you can be on the mortgage and not on the title. Just be aware that even though this makes you liable for paying the full amount of the mortgage, it gives you no rights to the property itself. For example, your brother can decide to sell it and keep the proceeds to himself, or he may decide to not pay any portion of the mortgage and leave you fully liable for mortgage payments.

    2. No, you may not deduct the interest payments on the mortgage, as you do not have an ownership interest in the home (it is neither your first nor second home).
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