my parents are mid to late 60s and on social security. Their mortgage has 18 years left and a bad 7.5%. They have maybe 20k in equity.
I am considering buying their house for the balance of the mortgage then let them live there for free / a dollar a month as long as they want. I might have them pay enough to cover the insurance and or taxes total about 225 a month.
I would probably do a 15 year at 3% and pay extra to end in 10-12.
My questions are as follows
Could I write any thing off as it would be a rental property I guess.
If I provide housing for a parent could i getany income tax deductions?
Any one have any other feedback or considerations?
Buying Parents House Questions
I am considering buying their house for the balance of the mortgage then let them live there for free / a dollar a month as long as they want. I might have them pay enough to cover the insurance and or taxes total about 225 a month.
I would probably do a 15 year at 3% and pay extra to end in 10-12.
My questions are as follows
Could I write any thing off as it would be a rental property I guess.
If I provide housing for a parent could i getany income tax deductions?
Any one have any other feedback or considerations?
