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Sovcit is thinking out loud. (lemmy.world)

submitted 2 days ago by [email protected] to c/[email protected]

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[–] [email protected] 2 points 17 hours ago (1 children)

My dad’s friend did this for years, bought his kids a home and “rented” it to them. He was able to write off a lot of repairs/renovations and improvements, while they wrote off their rent money, which was just the mortgage payment.

But then doesn't he have to pay income taxes on the rent? Where if it stayed his house he couldn't write off the repairs, but any money he paid for the mortgage is tax-free.

[–] [email protected] 3 points 17 hours ago

He should have to pay income tax on the rent but he does enough repairs to write that off.

I was never 100% it would work out except for the lower mortgage rate.