Thank you for the great response.
just a follow up, if I was to sign this side agreement, basically for me to receive 0 rent, all rent to go to my dad; would this trigger any income for me in the USA?
I would still be paying my property taxes, expense but I will not report them as deductions as there would be 0 income to offset. Basically the income goes to my dad and he pays his taxes on the full amount.
I just wanted to make sure such scenario is ok. I brought up the gift tax because some might consider me giving rent free could trigger a benefit for my dad and therefore be considered a gift. Therefore, to file a gift return form. Please let me know
