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I ha d. I had to help my son, Miguel Arroyo Jr., with his…

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Hi, I had to...

Hi, I had to help my son, Miguel Arroyo Jr., with his house mortgage pmts. or he might have gone through foreclosure. His credit scores were very low and did not cualify for a refinance loan. I'm on the property's Title Deed and I refinanced a loan on his prop (Townhouse) which is now in my name. I show 2 houses in my name now, his former house where he and his family continue to live and my house where my wife and I live. Neither house is an actual "Rental" and my son makes the mortgage pmts. on the Refi. loan, while I make the mortage pmts. on my home. I understand that the IRS will classify my 2nd home as a rental and it absolutely is not. Please advise is there a hardship waiver or dispensation status I can apply for so that my taxes do not increase?

Accountant's Assistant: Is there anything else important you think the Accountant should know?

I am retired and my wife is totally disabled and our day to day lives are difficult enough. Thank you for offering help, Miguel Arroyo Sr.

Submitted: 27 days ago.Category: Tax
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Answered in 2 hours by:
3/29/2018
Tax Professional: Mark Anderson, Tax Attorney replied 27 days ago
Mark Anderson
Mark Anderson, Tax Attorney
Category: Tax
Satisfied Customers: 620
Experience: Tax attorney and accountant
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You might have a rental loss if you report it on Schedule E. You could create a written rental agreement with your son and charge him fair market value rent. There really is no hardship for taxes in this area with the IRS.

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Tax Professional: Mark Anderson, Tax Attorney replied 27 days ago

Here is some information:

https://www.cbsnews.com/news/when-renting-property-to-relatives-know-the-tax-rules/

You should just document that your are charging fair market rent.

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Customer reply replied 27 days ago
if my son is on the title deed to his former house, he is a co-owner with me. he's not a renter, he is a co-owner. what do we have to show irs?
Tax Professional: Mark Anderson, Tax Attorney replied 26 days ago

He would only rent your portion.

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Mark Anderson
Mark Anderson, Tax Attorney
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