Legal Question in Real Estate Law in North Carolina

You need a CPA, but if the house and mortgage is in their name they get to deduct the interest not you If they get money from you, then they are supposed to claim it as income and it would be rental income if they are deducting the whole mortgage payment as a rental expense. Unless you just so happen to be making a gift to them of less than $13,000 per year which you pay out as monthly installments that just so happen to equal the mortgage payments.

Your post raises more questions than it answers. Why is this arrangement in place? I think you and your parents need to both consult with a good CPA to find out what will be the most tax advantageous structure for both you and them given that you have set this up this way.