On 25 Feb 2004 08:40:06 -0800, (John) wrote:

I do not have the credit yet to get a home loan. My parents want to
buy a house for me but I would be making the mortgage payments. The
house will be under their name as the owners. They already own their
own home. Will this be considered rental income for them? Is the
interest tax deductible for them or me? I will eventually get a loan
to pay off theirs. If they sell the house to me below market value,
will I be taxed on the gain? Is there anything else that we need to
consider before proceeding? Thanks...

John

Your best course for immediate action is to consult a local real
estate attorney, not this newsgroup!



John Davies
http://home.comcast.net/~johnedavies/
'96 Lexus LX450
'00 Audi A4 1.8T quattro
Spokane WA USA