The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: Buying Second House for Parents Date:  10/22/2013  1:46 PM
Author:  JAFO31 Number:  119385 of 127624

JLC: "Thinking about buying a house for the parents so they can literally live next door to one child. Will help with the down sizing and with elder care.

I know I can claim property taxes on the 1040, but what other expenses can be taken and what other things to think of?

This will be a cash transaction, no mortgage."

Not sure about the answer to your question, but if you own the house and your parents live ther without paying rent (or below free market rent), consider whether there is potential gift tax issue lurking in the weeds.

Regards, JAFO
Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us