need CPA help

[shazbot]

I'm taking out a loan with my parents, around $300k. Anyways, the thing is that I can qualify by myself for 200k, but I want to know how the tax deduction will work. Our main problem is that my parents work overseas, so they can't really get the tax benefit of a mortgage, but I can since I work in the US. We want to be able to take out a joint loan in the amount of 300, and then have me get all of the tax benefits. Is this possible? or will the fed gov't make us split the tax benefit?

 

[spidey07]

I'm not a cpa or tax expert but as long as the deduction is on only one return (or split between them) then I can't see a problem with it.

Although I guess it could depend on citizenship?

 

[kermalou]

if you are paying the payments, then you get the benefits, as long as your name shows up on the loan.