My daughter owns a house. We live in it and pay her rent. she added me and my husband to the deed. do we own the house and enter that on turbo or enter we pay rent only?
My daughter owns a house. We live in it and pay her rent. she added me and my husband to the deed. do we own the house and enter that on turbo or enter we pay rent only?
Typically in this situation you are not renting the home, you are a homeowner. However, it depends on what the arrangement is and subsequently what you are paying for as far as potential deductions go.
If you itemize on your return there are some potential deductions depending on the arrangement you have with your daughter. If there is a mortgage on the property and your payments are going toward that, then you may be able to deduct your portion of mortgage interest paid. If your payments are going toward property taxes your portion is a potential deduction.
If you are buying the property from your daughter and you payments are installments on the purchase then perhaps, again depending on the arrangement, you are paying interest which could be an itemized mortgage interest deduction.
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