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Personal Finance and Investing

spooky3

(36,514 posts)

2. I don't think that's quite right.

Reply to Turbineguy (Reply #1)

Thu Sep 1, 2022, 11:20 PM

Sep 2022

Will the amount they pay you exceed the costs, including allowable depreciation? Would it be fair market rental rate?

A non property owner generally can’t deduct property tax, mortgage interest, etc.

Former IRS auditor here.

The IRS has free publications that are good.

Here is a non-IRS site:

https://certifiedtaxcoach.org/five-tips-to-avoiding-the-tax-hazards-of-renting-to-relatives/

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Tax question. Our step daughter and family may move in with us in October. 2nd floor apartment and [View all] 3Hotdogs Sep 2022 OP

Family is not taxable. Turbineguy Sep 2022 #1

I don't think that's quite right. spooky3 Sep 2022 #2

No. They will be contributing equally to the cost of running the house. There will not be excess 3Hotdogs Sep 2022 #6

You're welcome. I think you'll find the answer in that spooky3 Sep 2022 #8

We will not claim any deductions for operating the house. 3Hotdogs Sep 2022 #7

This is not the place to ask questions like this. euphorb Sep 2022 #3

I stayed w/ my sister for a couple of years Deuxcents Sep 2022 #4

Ask an accountant or a lawyer PJMcK Sep 2022 #5