Helping Kids Purchase Home

[tedcooper57]

I would like to help my kids purchase a home. My balance sheet would probably yield a better interest rate.

I plan to cut the mortgage in my name as well as enter into an agreement with my kids which stipulates that we share the mortgage payment. Is this sufficent to allow them to take their proportionate share of the deductions (interest and taxes)?

 

[kirby]

No. IRS says their name has to be on the deed and on the mortgage.