I just wanted to say thank you for taking the time and for helping us with this tax situation. You provided us with many things, We did not even think about so this is excellent. so based on this, I think I have more or less the option of creating an agreement with the tenants for me to get paid only 1$ (More or less) and for the total rent or whatever they negotiate to my father and sister. At this point, I would have 0 benefits (or 1$ in my case) so no issues. I understand now what you mean to assigning or transferring the rental income and how this might affect my taxes, this might be problematic with my original side agreement plan of transferint the rental income.
as I am writing this, would an alternative and potentially easier option work - such as selling my rental receivable to my dad. That is, I am supposed to receive xx amount of rental income but with another agreement I am selling my rental income receivable for an amount, it could be 1$ Ect. Could this work out or the original option of new contract with 1$ rent would be better?
Basically I am not interested in any rental income whatsoever as I have my own income from work. I just want my relatives to be getting the money and to help them with their finances. However, at the same time I would still like to maintain ownership because god forbids something happens in the future, loss of job ect to have something to rely upon. I don’t know if this makes sense.
thank you
