Mortgage from Parents

[Mike Lee]

Hi All,

I was hoping someone could help me out with the following question. I am in escrow and have talked it over with my parents to obtain a mortgage from them for my condo.  Can someone point me to the right direction on what needs to be done in terms of IRS tax purposes on going forward basis.  This is what I have been able to gather so far.

1. Agree to term based on the IRS guideline http://www.irs.gov/pub/irs-drop/rr-15-03.pdf

2.  Sign a contract and keep a copy

3.  Parents report the interest income and I report the mortgage interest. 

Thank in advance, any help is appreciated!

Mike