sell of house to child

What is the name of your state? Arizona

I am helping my child to purchase a first time home. He could not qualify on his own because of his recent bankruptcy. I used my credit rating and the mortagage is in my name as well as the deed to the property. He however, has put up all of the money.
When he is able to qualify on his own I want to sell the house to him at the same price that I paid and he will have all of the equity that has been acquired. I am not charging rent nor is there any lease agreement. Since the house is in my name he cannot take any of the tax deductions. I don't want to take the deductions. I just want to help him to get in a house and become a homeowner. I do not want to profit in any way. How can I do this and what tax problems might I face by not taking the deductions?

Thanks for the help

[abezon]

Write up a contract NOW that states the terms of the deal -- he put all $$ & pays all the expenses, but title is in your name for financing purposes, & that he gets title as soon as he can qualify for the mortgage on his own. Have the contract signed & notarized by both of you. Then he can claim the mortgage interest & property tax deductions now.

Thank you so much for the information. After the contract is signed and notorized who do I give it to. The mortgage company/and or the IRS ?

[abezon]

You both keep a copy with you tax returns to show that he paid mortgage interest & taxes & that he was obligated to do so.

Thank you ABEZON for the helpful info