@Mike9241 hello thank you for replying!
So dad's proceeds from the sale of Florida property went into a 1031 exchange. We have identified a similar property in South Carolina for investment rental. I'm in the process of getting a home equity loan from my primary residence in NY to make up the diffrence in higher price and pay off the new property. So from the rent I will be paying the HEL, the property taxes, home insurance, HOA, maintenance etc. We will probably have maybe $700-800 extra every month. I'm planning to give these funds to my dad every month to supplement his income as he only receives minimal amount from social security. So when it comes to tax season next year you're saying that he will have a certain percentage of ownership and claim accordingly and I will have the lower portion to claim? Want to be have clarity and do nothing wrong
Thank you again!
