Timeline for Is there a way to live with and contribute to someone else's mortgage payments without the money being considered taxable rent income?
Current License: CC BY-SA 3.0
8 events
| when toggle format | what | by | license | comment | |
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| Apr 4, 2019 at 7:28 | vote | accept | Andrew Cheong | ||
| Feb 17, 2018 at 0:03 | comment | added | iheanyi | He can already take deductions on the interest and taxes (prior to 2018, 100% of that, now he'll hit the SALT limit) - before this quasi rental situation. So, his tax situation is only improved by being able to reduce the rental income by depreciation, upgrades, repair, and insurance. | |
| Jun 9, 2014 at 19:08 | comment | added | Snowbody | And there's also the possibility of a 1031 tax-free exchange of rental property, if your partner wants to invest some money in real estate. | |
| Jun 9, 2014 at 18:47 | comment | added | keshlam | I've got friends who have been in a housemate situation for many years, structured as owner/renter. The owner takes full advantage of the fact that roughly half the upkeep costs are deductable. I don't know whether that completely offsets the rent (I don't know any of the numbers), but it certainly helps pay down the mortgage... at the cost of having to be a bit more careful to properly record all the costs and all the expenses so they can defend it if they get audited. DEFINITELY talk to a tax advisor and/or tax lawyer; it's worth the investment in expert advice. | |
| Jun 9, 2014 at 16:19 | comment | added | littleadv | I doubt he could take a loss on a mixed-use rental. | |
| Jun 9, 2014 at 16:14 | history | edited | Shawaron | CC BY-SA 3.0 |
Make selling part stand out more
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| Jun 9, 2014 at 12:24 | history | edited | Shawaron | CC BY-SA 3.0 |
wording fix
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| Jun 9, 2014 at 4:47 | history | answered | Shawaron | CC BY-SA 3.0 |