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If you are inquiring if you can deduct the mortgage interest and property taxes as an itemized deduction, it depends. Review the rules below:
There are requirements that you must meet to deduct the loan interest:
For more information, please review the TurboTax article Are Home Interest Loans Deductible On My Taxes?
IRS Publication 936 Home Mortgage Interest Deduction provides additional information.
You can deduct the amount of property taxes that you paid.
To take these deductions, you must itemize your deductions instead of taking the Standard Deduction. For more information refer to the TurboTax Help article Claiming Property Taxes on Your Tax Return.
@Pupitre1 if your name is on the deed, then yes, it is "your property". Presumably the mortgage is in your name as well.
In essence, your parents are your tenants and they are paying you rent. That is taxable income to you. You can deduct the mortgage interest on your tax return. The fact they are paying the bank directly (rather than paying you rent so you can pay the bank on the mortgage) doesn't change what is really occurring.
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