Hi all,
I'm new to all of this and hoping this question makes sense as I"m having trouble putting my questions into words! I also hope this is the correct board for the questions I have. While I was still in college I went in with my parents to buy a home. We bought it 6 years ago this coming October. My parents put a 26,000 down payment on a 180,000 home hoping to make a profit for retirement once we sold it. They added me to the mortgage so I could gain some credit and now I'm married and my wife and I have been paying the mortgage this whole time. Finances are tight for all of us but the market isn't high enough to resell the home right now. We've found a friend who wants to rent from us for $100 less than the payments cost. They will also pay Utilities. My parents are planning to pay the $100 extra. After talking to the Bank and since refinancing to a non-owner occupied mortgage would up the payments, My wife and I will just stay on the mortgage and rent somewhere cheaper for awhile.. So because all of our names (my wife, parents, and I) are on the mortgage still, I guess our main questions are:
1. Who should we have the renters pay?
2. Do we need to change over the name on the utilitty bills if right now it's under my wife and I's names?
and our biggest question
3. How do we list this on our taxes next year as far as who is technically renting this house out?
Does that make sense? I hope so. Thank you SO much for any tips!
