You'll need to sign in or create an account to connect with an expert.
You would say 100% if you are using 100% of the property and receiving 100% of the rental income.
You would say 100% if you are using 100% of the property and receiving 100% of the rental income.
Thank you this is what I’ve done.
It's more accurate to say that you own 0%. Your son owns 100%. He should claim the income and expenses from the property on his taxes. The money you receive is a GIFT from him, and subject to gift tax exclusion (I think $17,000 this year but you'll have to verify).
You don't own the property; you can't claim expenses on it (I'm sure he's claiming the expenses if you are not), nor should you be responsible for claiming the income on something you don't own. The income was passed on to you via private exchange.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
atn888
Level 2
WyomingClimber
New Member
pdlumsden
New Member
fjpuentes1974
Level 3
tompatty66
New Member