Skip to main content

Second Home taxes?

My parents used loaned money from me and their cash to buy a home, cash only. We put the house in my name, a mistake at the time we learned. We are getting a lawyer to transfer ownership into their name, but can I take advantage of the write offs for 2018?

The house is in my name for 2018 tax year. They lived in the house "rent free" while they did major repairs. These repairs I helped pay for. It's their primary residence, their first home is in their name still where other family members live.

What do I have to say to get tax write offs on the repairs and property tax?

I run a small business LLC, so writes offs for home repairs (nearly $15k) and interest during 2018 was nearly $8k for the borrowed money on home repairs. It could be treated as a business expense and I could be a landlord?

If family is there, is it personal use and repairs can't be written off? Eventually the house will be sold once repairs are finished by my father as it was a gut job and then a ton of land/water/moisture issues.

Could I claim the home repairs were equal to rent prices and even though they didn't pay me it even out through me spending money on repairs.

submitted by /u/ArmoredFan
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/dbofgi/second_home_taxes/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more