Our daughter and son-in-law have asked us to share a home with them. He is from a country where living with parents is the norm. Right now, we live in different cities across the country. When our daughter selects a job location, we will all move to the city and will locate suitable housing. It is uncertain how long her job will last at this location but we are confident that it will be for at least 2 years. As we are thinking about it now, we will share all household expenses and we will find a home well within our financial abilities as we are also trying to save money by doing this.
I want to determine the best tax approach for structuring our living arrangement. We could do any of the following and perhaps there is an idea that you may have:
- Purchase a house 50/50
- One couple purchases a house and rents to the other
- Share rent 50/50
Additionally, our children will likely have two to three times our earned income. We will have dividends and capital gains but probably at a low level since we are not required to sell stock to meet our expenses.
Thoughts?
I want to determine the best tax approach for structuring our living arrangement. We could do any of the following and perhaps there is an idea that you may have:
- Purchase a house 50/50
- One couple purchases a house and rents to the other
- Share rent 50/50
Additionally, our children will likely have two to three times our earned income. We will have dividends and capital gains but probably at a low level since we are not required to sell stock to meet our expenses.
Thoughts?