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Help for parent of college kids?
Does anyone know about tax breaks for parents buying property? Are they allowed to pay their college children to be caretakers for the property and then expensing it at the end of the year?
4 Answers
- JohnLv 61 year ago
Speaking as an accountant, you are probably referring to the old scheme which claims one can write off a child's room and board at college.
Something made up by whacky tax protesters decades ago, it involves a convoluted series of transactions starting with buying a house near campus. Its very dubious, as it involves self-dealing, something frowned upon by the IRS.. Even if it was allowable, it would cost the parent hundreds of thousands of dollars in cash outflow, in order to achieve tax savings of only a thousand or two.
- ibu guruLv 71 year ago
Is it an income-producing property which requires on-site management & maintenance? Otherwise, no.
- Anonymous1 year ago
they are NOT kids they are Mostly 18 year old adults and No Tax breaks
- Pearl LLv 71 year ago
i know medicaid pays family member to take care of family member if thats what youre talking about