Although I'm in Puerto Rico, this is more of a general question in the US.
We recently purchased a house, and it's in my parents' name because they have excellent credit. But I'm paying the monthly mortgage.
We were talking about this, and our thinking is that my parents cannot deduct the mortgage payments because they're not paying for it. And I cannot deduct the mortgage payments because the house is not in my name.
Is that train of thought correct?