Tax Deductions on a Property Taken 'Subject To'

[Josh Stroup]

Hi Everybody,

I've looked into this online, and found a wide range of opinion, so I thought I would throw this out to the community...

When taking over an existing mortgage, can you deduct the mortgage interest on your taxes? To better frame the question - I was thinking of structuring a deal by using a land trust. However, without notifying the bank, the mortgage would still be in the seller's name. Could I pull this off?

Thanks in advance for your help.