Renting to family
Asked Nov 21, 2008, 07:25 AM
I recently rehabed a house for my in-laws. I own the house and rent the house to them. The mortgage is approximately $750/month and they give me $650/month. I also take care of the property taxes.
I was told by an accountant that since I was renting to family I couldn't claim any of the interest or property taxes on my federal taxes. My wife spoke with a friend who didn't believe that to be true. If I can claim this expense, I will amend my 2007 taxes.
I figured if anybody would know, somebody from this forum would.
Thanks in advance.