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Financial Planning / Tax Strategies
|Subject: Re: Buying Second House for Parents||Date: 10/22/2013 1:46 PM|
|Author: JAFO31||Number: 119385 of 122654|
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.
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