I claimed nothing on my tax return, so no expenses or income.
When I give my parents right, they can live in it, find a tenant and rent it out, repair it or even sell it outright. They have the right to receive the income for their own take too, not like they receive the income for me.
This is a very common practice for people from my country that later immigrates to the US. I don't think mine sounds like the Lady Bird deed you referenced at all. But I will check with an attorney/CPA for sure!
