Earlier this year my parents lend me $750k to buy a house. From what I read I can deduct interest from my income but do I need to file any documentations for the IRS? A few potential complications
- My parents are not U.S. citizens, and they don't live in the U.S. so they won't be able to report interest income I paid them since they don't file U.S taxes
- I rent out a portion of my house...I am not sure if this is related.
I just want to be prepare to ensure I have everything I need so I can claim my deduction at the end of the year.
