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Do mortgage loans get taxed? |
Hi, I wasn't to sure about this on the top of my head so I have to ask. Maybe someone here can help me before I call my CPA tommorow. My dad wants to take out a mortgage on one of his houses and transfer the money to my bank account so that I can I trade it on the market for him (I'm a self employed broker and handle several clients not to many) . If the money comes straight to me, do I have to pay taxes on it, or does it work the same way with most investments, pay after you sell on any profits? as long as your dad has an account with your brokerage firm in his name with his social security number on it, there is no tax until you make money for him. No but you can make a tax deduction of the interest you pay. No it does not get taxed. |
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