What is the best method to take over my in-laws mortgage whi

Published: December 31, 1969, 7:00 pm

Hello, What is the best method to take over my in-laws mortgage which they can no longer afford? Both of my in-laws are retiring, and they can no longer afford the existing mortgage on their house. They offered to give us the house so long as my wife and I can make the payments, which would be no problem for us. My biggest concern is that I want to be able to reap the tax benefits of home ownership (in other words I want to be able to legally claim the interest paid on the house for income tax purposes). If we were to just pay their existing mortgage on their behalf without doing any paperwork, would I be able to claim that on my taxes? If the answer to that question is andquot;noandquot;, then what is the best, easiest, and cheapest method for doing this? I am trying to avoid having to refinance, because this will obviously cost a lot (plus I'm not so sure I can qualify being that I currently own a home already). There are no trust issues at all with this

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