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Updated about 3 years ago,
Tax question - dad owns real estate but wants to give me income?
Hi, I have a tax question. My dad has real estate in his name. It generates around 14k a year (net income). I basically manage the property as an airbnb rental.
He wants the income to be put in my name. We do have a business registered with the state that we're both registered as owners on and pay taxes through. However, this business does not own the property.
What are all of the options for moving this income to my name (preferrably schedule E), without having to transfer the title (there is still a mortgage on the property).
Thank you!