My brother wants to purchase a house but cannot obtain financing so my Dad wants to purchase the home and set up a land contract w/ brother making the payments directly to the bank. Off the top of my head I'm thinking Dad will be able to write off the mortgage interest against the "interest" from the land contract. There will be no gain or loss or increase in interest amount the bank is charging.
Sounds to easy - am I missing some tax implications?
Sounds to easy - am I missing some tax implications?
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