We are contemplating moving into a house with an in-law suite in Mississippi and our inlaws selling their house and moving into it. We would pool the sales from both houses as downpayment on the new house.
What are the financial and tax implications we should be aware of / plan for for this kind of living arrangement?
they would not be dependents, and we are currently thinking my wife and i would be primary owners with our name on the paperwork, and they pay us rent.
for both of us saving money and them being able to help with the kids, it makes good sense, but we dont know what we dont know about any formal tax and financial implications