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Financial Planning / Tax Strategies
|Subject: renting to family||Date: 6/19/2004 11:22 PM|
|Author: casa72nova||Number: 72281 of 121789|
I'm not sure if I'm even posting this to the right board, so please let me know. My in-laws would like to move closer to me in Kansas. They are retired and my wife is their only child.
Does anyone here rent a house to their in-laws or parents? We've tossed around the idea of having me buy the house, and they would pay the "rent" which would cover the house payment. I'm guessing that this payment would be considered income, but I would at least be able to get a little break with a tax deduction for mortgage interest.
They have enough to pay cash for a house here, so we're wondering if this route is even feasible. One thing they are worried about is that if one of them were ever to go on "the system" (i.e. Medicaid), than the state could put a lien on the house. If one is worried that they may have to go on aid, is it better to be an owner or renter?
I don't have much background on this; just beginning to investigate the concept.
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