Our son earns six figures and wants to invest in real estate. We want to retire near San Diego. What if he buys a house on the coast and rents it to us, and we rent our San Francisco house to him?
My husband and I are both retired. My husband is collecting Social Security at 64 years of age, while I’m waiting to collect mine at 70 years .
Do you have a question about buying or selling a home? Do you want to know where your next move should be? Email Jacob Passy at [email protected]. Think of the myriad headaches a landlord deals with: Maintenance issues, late rent checks, complaints from neighbors, you name it. That’s enough fodder for conflict, before you throw typical familial squabbling into the mix.
As for the financial considerations, you need to be extremely careful when renting to family members not to raise the ire of the IRS. Presumably, both you and your son would wish to be able to deduct relevant expenses for each of your homes — such as mortgage interest, insurance, maintenance and depreciation. That will help to reduce the amount of your rental income that’s subject to tax.
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