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Answers (4)
- Tom Menges, "tmenges"
- Contributions:202
Talk with either your personal accountant or your father's. Immediately. With the property deeded in your father's name you have no legal claim on any deduction from propety taxes or repair expenses related to the property. You may have legitimate declarable income from the property if you are paying yourself a salary for managing the property. From that income you may have have legitimate expenses you incur for managing the property. Best to have a converstion with an accountant to insure that you are not doing anything that could trigger tax consequences on yourself.
- Sharon Lewis, "Sharon Lewis"
- Contributions:3923
Talk to an accountant please. The other responses are correct, you Dad is on the mortgage , he is the one who can deduct not you. You manage it though, so there are expenses related to managing.
- Quito Keutla, "Quito Keutla"
- Contributions:17
Your dad would have to report the income because it's his rental, any money he is paying you for managing his rental would be reported as your income. Always check with your account or cpa regarding taxes.
- wetdawgs
- Contributions:26833
No. Income, expenses etc are all for your father's tax return. However, you are walking in dangerous accounting territory to have the money go into an account in your name unless you have the legal documents to support that approach
If you are getting income from this property management (your father paying you) you do have to declare it on your return.
Please review the situation with your accountant and attorney.
My father owns a house, I manage it as a rental property but don't own it. Can I put it on my taxes?
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