anonymous10583 Asked December 2009

My parents live in a house I purchased for them and they make monthly payments in my name. Do I claim the payments as income?

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I purchased the house in Dec. 2008 in Georgia and it's right down the street from me. From my understanding the interest credit will be mine since the house is in my name. But since they made the payments in my name does that mean that I've got to claim that as income on my taxes? Thank you so very much for any help that you can provide to me!

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