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Rental property
Old 06-11-2019, 01:28 PM   #1
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Rental property

Hi all, quick question on Rental property. I am looking at buying a trailer house for DD in Colorado.
She will be my renter and after it is paid off I will sign it over to her.
I live in Texas and if I had rental property out of state can I write off expenses getting to and from checking on the property ?
Please add anything else I might have not thought about.
Thanks
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Old 06-11-2019, 01:37 PM   #2
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Yes you can deduct your expenses going to check on your rental property.
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Old 06-11-2019, 03:00 PM   #3
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Look into the tax implications of renting to a family member. Your deductions may be limited or disallowed.
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Old 06-11-2019, 03:06 PM   #4
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Signing a house over (gifting?) to your daughter will be looked at as a "gift" which will be an IRS reportable event. Be aware of this.
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Old 06-11-2019, 03:32 PM   #5
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There are some implications to all this. Might be better to do a contract for deed than renting and gifting.
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Old 06-11-2019, 03:39 PM   #6
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You can rent to a family member and deduct all expenses as long as she actually pays full market rent and you report it as such. Otherwise, it is a sham, and the IRS will not be happy with you or your daughter.
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Rental property
Old 06-11-2019, 03:39 PM   #7
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Rental property

Thank you all, I have an appointment with my accountant next week.
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Old 06-11-2019, 04:29 PM   #8
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Ask your accountant about owning the house as a corp; and giving your daughter a certain amount of shares per year.

Definitely talk to your accountant. And tell him your renter is your daughter.
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