I'm sure I don't have the right terms and maybe this is super basic, but here's my question:
We own the home my parents live in, owned outright, no mortgage. They do not pay rent to us. We pay property taxes and any major expenses. Can we claim depreciation on the home even though we don't have any income from it? Can we claim any sort of loss?
Obviously, we can't claim a loss of income, per se, since we aren't charging them rent, but do we have ANYthing we can claim?
If not, moving forward, is there something we should do differently?
Feel free to ask questions for clarity. Thanks!
