Banks typically want a gift letter in your file from the giver, affirming that the funds are indeed a gift and are not a loan with the expectation of repayment.If you house hack, you're combining buying an "investment property" with the possibility of low-down-payment financing available only to owner occupants, perhaps through FHA.

So my question is that are there any tax break i can take when filing 2019 tax?

My attorney advised to prevent that, I should record the P&S contract in the public records, if no other sales contract are on file.

Then, when you file your taxes you can include depreciation on the property as an expense to further reduce any taxable income you might have. 

.• Each county is different but rural counties in GA are generally easy to deal with when it comes to landlord/tennant filings.

@Henry GuPlus there’s loopholes like working as a contractor and paying yourself a massive 401k As the employer, filing taxes Married filing separately one year and addending it a year later to get the married brackets a year late but not have your spouses income count toward your repayment.

Does this affect tax filing at all ?

You start to see some interesting things when you 'join' this against the city Assessor file, in regards to how many actual units the Assessor is saying exists, and the number of units being licensed through the city.It also provides a road map for violations, and the 'tiers' to work off of, changes of ownership...

I heard someone mention something about filing taxes separately..

You can always file a DBA, if you decide to keep the existing LLC.