I was just wondering if you would please answer a question for me I am a little confused.
I bought a house for my son Chris with my VA loan about 5 years ago.
He makes all of the house payments, taxes, and upkeep and maintenance of this house but the loan, title, and everything else is in our name (Susan and my name).
Since the purchase I have been claiming it as a rental, showing the taxes, insurance, mortgage, being paid by us and Chris paying us the rent that is equal to the house payment.
I am just concerned if I am doing the right thing. Should I list this as a rental or a second home and list only the interest and taxes?
As soon as he is capable I am going to sign the house over to him when he can qualify for the loan on his own.
