Have Tax Questions? Ask a Tax Expert for Answers ASAP
Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.
You are asking if you transfer ownership of the property to someone else, can you still claim rental income on your tax return?
The answer would be "no" - the person who owns the property is generating the revenue from renting the property out
Sorry for the delay. Your response went into my spam filter and I just retrieved it this morning. I have found many family transfers, but the most common is this - the son transfers property to mom but keeps reporting the income and expenses as his rental property. You answered my question that this is not correct. Additionally, I think there is then borrowing by the mom on the property which will not show up on the son's credit report but the income shows up on his tax return; thus making it appear he has better financial condition. Also it appears the money borrowed by the mom is placed in an investment account by the son appearing the son has a large asset when in essence it is borrowed money. Again inflating his financial condition. Does this make sense?
Also, I found some stocks in an investment account that were sold but no loss or gain was reported on the income tax return. Is there a type of account that would allow any gains or losses to not be reported for individual tax purposes?
Thanks! You confirmed what I was thinking.