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Parents hold the mortgage and deed to real estate property but their adult daughter lives in the residence and pays the mortgage. Her parents purchased the residence for the daughter because she did not have a sufficient credit rating to allow her to purchase the home. The monthly payment includes taxes and insurance and the daughter is responsible for repairs and maintenance. May the daughter deduct the mortgage interest or would the mortgage, taxes and insurance payments be considered rental income to the parents?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91525759

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