How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Stephen G. Your Own Question
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 6169
Experience:  Extensive Experience with Tax, Financial & Estate Issues
30050794
Type Your Tax Question Here...
Stephen G. is online now
A new question is answered every 9 seconds

Can my 3 daughters land trust in texas buy a house and rent

Customer Question

can my 3 daughters land trust in texas buy a house and rent it to my wife and me for less than the house payments and write it off as a loss
Submitted: 7 months ago.
Category: Tax
Expert:  Stephen G. replied 7 months ago.
They would need to rent it to you at current market rates in order to treat it as rental property because you are a related party.
Expert:  Stephen G. replied 7 months ago.
I see you have had a chance to see my response. Do you have any follow-up questions?If not, I would appreciate it if you would take a moment to rate my response as that is the only way we receive credit for responding and receive our share of the payment you already made to the site.Thanks very much,Steve G.

Related Tax Questions