Rental property

[retiresumtime]

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

 

[JDARNELL]

Yes you can deduct your expenses going to check on your rental property.

 

[upset264]

Look into the tax implications of renting to a family member. Your deductions may be limited or disallowed.

 

[aja8888]

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.

 

[NgineER]

There are some implications to all this. Might be better to do a contract for deed than renting and gifting.

 

[Winemaker]

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.

 

[retiresumtime]

Thank you all, I have an appointment with my accountant next week.

 

[MarieIG]

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.