Taking on Mortgage as First Year Analyst
Low-income student here originally from a non-NY state who will be starting at a BB/EB next year. I have a good bit of money saved up due to internships, part-time work and my school's generous financial aid (will thankfully graduate 100% debt-free as well). I've been considering helping my parents buy a small house, and I have enough in savings now actually to cover the mortgage, while my parents would probably take care of interest payments. This got me thinking, if I took out a mortgage as a first year analyst on a house in a non-NY state while I'm working in NY, would I be able to deduct this on my taxes?
Not sure about the taxes, and while this is really great of you to think of your parents- I would STRONGLY advise against this.
1. You would need to get preapproved, which is possible when you're starting your career but you're assuming you'll stay in IB/ PE and put up with the long hours (which may or may not happen).
2. You'll truly NEED your job, which is fine later in life, but a hard pill to swallow at a young age.
3. What about property taxes, utilities, repairs? What happens if your parents fall on hard times and can't afford it anymore? That's your mortgage and title/ deed, your responsibility.
I would suggest staying in IB for a full year before making that big investment. Really amazing you want to take care of your parents, but just think every possibility through first.
That makes sense, thanks for the advice! Maybe I'll revisit the idea later.
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