I inherited my parents home and land with 4 other brothers and sisters. They do not want to sell the property. Currently I am placing the money from rental of the house (about $7000 per year)in a personal bank account. However, I do not want the income or liability from renting the property to affect my personal taxes and liability. What is the best way to set up this property to protect my personal assests and limit my tax liability.

Really the only way is going to be to disown yourself from the property otherwise you can be liable for the full amount to go against you in taxes.

You may need to form a company or corperation and yourself and siblings having an equal share. That way the property stands on its own merrit. All taxes and repair fees can come from a pool and all of you can decide on a draw as your portion of the income.

Remember you will always need to leave a working capitol amount in the account at all times.

Or a family trust. Talk to your bank.

Or a family trust. Talk to your bank.

Any way you look at it the debt of taxes needs to be split up to avoid liability.