I own a property which I rent to my daughter at fair market value. I was told to quitclaim the deed to her so she could file for homestead exemption and save on property taxes. Currently, I treat the home as a business and treat the rent as income while treating depreciation and repairs as expenses. Would I still be able to do this if I quitclaim the deed to her? Obviously I would still be paying the mortgage and taxes/insurance so I want to be able to deduct those.
