[quote=FormerSanDiegan][quote=enron_by_the_sea][quote=flu]
It doesn’t quite work that way enron…When you rent out a house to someone else, you can deduct the mortgage as an expense but you also have to report the rental income.
However, if you rent someone else’s house, you can’t deduct your rental cost (unless your poor..And in that case, you probably can’t qualify to buy a home)…
So I’m not sure how this would be beneficial for you…Seems like a lot of paperwork to report a $0 gain.[/quote]
Oops. That is probably why this does not work. Nevermind.[/quote]
Don’t give up so easily.
I think it can work
If your goals of owning are:
1. To lock in monthly housing costs long term
2. To participate in future capital appreciation of property
this strategy works.
The rent you pay will track the rent you charge… so the amount you pay will remain fixed. At some point.in the future the interest and other costs will.be less than the standard deduction and you might actually come out ahead.[/quote]
This would apply if you just stay in your house on fixed 30y loan, no?
