JoeSpareBedroom wrote:
h wrote in message ...
....

Plus, the son cannot take any mortgage tax deductions, since it won't be a
mortgage, just a loan.
....
I'm not so sure about that. What makes a loan a mortgage? What it's used
for, or who you get the loan from? ...

What makes a loan a mortgage is what the collateral is. If the
collateral is the property, its a mortgage. Mortgage interest on
primary and/or secondary is deductible irregardless of the payee.

But, it needs to be structured properly for this and other enumerated
reasons and shouldn't even be considered w/o proper legal representation
for each party...

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