Posted by David Krulac on April 30, 2006 at 15:30:27:
as long as fair market rent, he CAN dedcut everything as with any other tenant.
However, for section 8 you can NOT rent to family.
renting to family member - Posted by Gary
Posted by Gary on April 30, 2006 at 14:57:15:
HI,
This is probably an obvious question, but since I have never been in the situation as a landlord, I don’t know the answer.
My neighbor has purchased a house, and he intends to rent it to his daughter for fair market rent. Can he claim this as a rental on his taxes? Are there restrictions on the expenses he can claim? For example, can he depreciate the house? What kinds of evidence should he keep to show that he received rent for the house? What precautions should he take in case of an audit?
Are there any problems he should be aware of? Thanks!!