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Updated over 1 year ago,
Medium Term Renting Parents’s property using our LLC
Hello, I have been searching everywhere for a this topic and somehow can’t seem to find a clear answer. Hoping someone can help.
My husband and I started an LLC to host medium term rentals and/or purchase investment properties. The first property we would love to host is my mother's house. Her only request is that we pay the mortgage once it is rented. She doesn't want to be involved in the rental process. She will not be living in the house. How do we structure this in terms of tax filing. Do we pay her the mortgage once we collect income from the rental and consider that an expense? Would she have to file it as an expense? Not sure how this would be treated in terms of income and expenses for tax purposes.
*Correction - Parent’s