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