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Financial Planning / Tax Strategies
|Subject: Re: Buying Second House for Parents||Date: 10/22/2013 2:04 PM|
|Author: Wradical||Number: 119387 of 125695|
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.
If you're subject to AMT, the property taxes won't do you any good, either.
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