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To take the property tax deduction, your parents have to be OWNERS of the property (must be on the deed) and make the payment. To take the mortgage interest deduction, your parents must have a loan secured by the property they own. If your parents are not listed on mortgage, they cannot take the deduction.
If your parents take out a mortgage with you as co-signer they will be able to deduct the property taxes and the interest. However, if you are the owner of the property and you take out the mortgage, nobody will be able to take the deduction because your parents are not responsible for the mortgage payments therefore cannot take the deduction and if somebody else makes payments on your mortgage, you cannot take deduction because you don't make the payments. Similar rule will apply to property taxes.
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