Can someone co-signing for a home equity loan write off interest in taxes?

A friend needs a home equity loan and needs a co-signer. Can the co-signer write off the interest paid in his/her taxes?

You can only deduct interest you are obligated for, and actually pay, for your 1st or 2nd home. If the co-signer has no ownership interest in the property, it is not their home, therefore, it is not deductible to the co-signer (even if they do pay it).

NO! Not unless he is paying the interest! EXCEPTION: You and he make up a written agreement between you two. It should state something like this 'in exchange for his (name) agreeing to co-sign my loan from (bank or lender name); I (your name) agree that when my tax return draft is prepared, we will determine what my total taxable income would have been IF I DEDUCTED THE INTEREST and what my taxable income would have been IF I DID NOT TAKE THE INTEREST DEDUCTION. [stop]

Now if you want to be able to let him (his name) take the deduction, just let him! DON'T YOU BOTH TAKE IT! ONLY ONE OF YOU. You see as long as it comes out the same from the Gov't standpoint, they don't care as long as each of you prepare your returns correctly, only one took the deduction, and each of you filed your returns, your cool.

The written agreement must exist! It must be prepared prior to 12/31 of the first year in which it becomes a factor.

{re-start}

{rest draft of agreement}

In this manner I am passing the rights to take the Interest Deduction to (his name)

[STOP]

Sign it in front of a notary public, and both of you save for at least seven years. If you do it again in the following year, write a new agreement.

Yes you can. But you have to follow the home equity guidelines.

http://www.associatedcontent.com/article/1525193/understanding_home_equity_lines_of.html

No.

No, not if they don't live in the home.