What's Deductible?

Q: Can you tell me the actual cost of interest on a home loan since it is tax deductible?
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Q: I have cosigned for my son on a house that he has rented out. He has made all payments. What is the best way to take the tax deduction? Should he; should I? Are there conditions that would preclude us taking the deduction?
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Q: My wife wanted to help my daughter to purchase a home in Baltimore. Since she just graduated from college and only recently started working on her first job, a $500,000 house will be too much for her. My question is can we divide the interest rate to three persons and deduct it on our income tax?
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