- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Suggestions on how to maximize tax savings on this investment property purchase?
My mother has a reverse mortgage on her home. This has worked out in her favor, but she can no longer stay in that house because of the stairs. My brother and I are going to buy her a first-floor condo. We can pay cash or we could get a mortgage if that would be better from a tax perspective. My mom does not have sufficient income to pay any rent or HOA fees. Can we claim depreciation on the property plus the expense of the HOA fees, divide that expense evenly between us, and pass it through to our personal returns as a business loss? Suggestions on a better way to save some taxes on this investment? TIA!
‎September 18, 2019
8:19 PM