Hello, I am thinking of buying my first apartment! I live in MO but the appartment is in FL. I will be putting it for rent until im able to move there. My parents would be helping me with the down-payment. I have some questions about the process and how the situation would affect my taxes:
○ How does buying a first home affect or benefit me?
o Since I'm are going to receive a monthly payment for rent, do I have to declare this as profit? Is the monthly mortgage payment for an amount similar to the amount earned tax deductible? In other words, the idea is that my situation does not affect my at all, what comes in (rent) is what goes out (mortgage).
o How does property outside of MO affect taxes?
o Do you have to pay taxes in Florida?
○ My parents are going to put the downpayment in. Can they pay it directly or should I transfer it to my account and pay it myself? If it has to be transferred to my account, does that have any effect on taxes? ○ Is there a monthly or annual maximum that they can transfer to your account without affecting taxes?
Thank you! If there are any additional information I should take into account but have not asked I would appreciate it!
Best,
Desiree
