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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7119
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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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: 1 year ago.
Category: Tax
Expert:  Stephen G. replied 1 year 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 1 year 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.