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    hemantoz's Avatar
    hemantoz Posts: 1, Reputation: 1
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    #1

    Apr 30, 2009, 06:26 PM
    Can I be a tenant in my son's house?
    I own my house with a very little balance left on my mortgage. I want to sell my house in a very legal way to my son. Can I continue to stay in the house as a tenant by paying reasonable rent and he gets all the benefits from that property as an investment property - getting deduction for all the repairs and depreciation etc? Would IRS disallow his deductions?

    Thanks in advance,
    HO
    DanMart513's Avatar
    DanMart513 Posts: 13, Reputation: -1
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    #2

    Apr 30, 2009, 06:53 PM

    It is my understanding that you can legally sell your house to ANYONE, but you should make a WRITTEN contract of the afterthoughts.""continue to stay in the house as a tenant, paying reasonable rent [put on paper the amount with NO TIME LIMITS in living in house ], he gets all the benefits as an investment property - getting deduction for all the repairs and depreciation "". The IRS should not disallow his deductions. If everything is kept legal.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Apr 30, 2009, 06:56 PM

    You can sell you house as long as it is sold for the correct price, you can't "sell" it for 10 dollars, that would be considered a gift and treated as such.

    And you can rent it, of course you also will have to pay fair rent, which means he may also show income from the rental
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