Tax, SDIRAs & Cost Segregation
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 8 years ago on . Most recent reply
would a house I am buying with my parents be considered a rental
I am buying my first home, it is a personal residence in Texas. I had to have my parents on the loan due to me being a full time student and the money I get from the GI Bill not count as income. Would the house I am buying with my parents be considered a rental for them? I will be occupying and paying the mortgage. I was thinking that they could get the tax benefits of checking on an investment when they visit. I appreciate the insight and if you know a good lawyer in Texas please refer them to me.
Most Popular Reply
Chris
In my opinion you could not have it a rental property. The reason why is you are paying the mortgage and NOT paying rent to your parents
Just my humble opinion of managing 275 homes and working with investor & CPAs for 30 yrs