Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: casa72nova Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121572  
Subject: renting to family Date: 6/19/2004 11:22 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Hello!

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.

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

Economic Implications of Cuba
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement