My son & I are both in NYC &we both own our own homes. Could my son write off my place as a rental?
My condo has both my name and my son’s name as joint tenants. Could he write off my unit as a rental & use my monthly maintenance & taxes as a write off?
Answers
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That is a good question. Your son cannot write off the condo as a rental or deduct the maintenance and taxes unless he is actually renting the unit to someone else, and the unit is not used for personal purposes. If the condo is primarily for personal use by you and your son, these expenses are not deductible as rental expenses.
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my son has his own separate co op. Could he write off his monthly maintenance on his co op?
Another question. Do I pay taxes on my Social security benefits?
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If your son has a co op, it is likely that any maintenance costs associated with that co op can be deductible. I cannot say for sure since your full tax situation isn't know. Generally a co op has multiple members and can be set up as a Partnership or S-Corporation. When your son has the co op tax return prepared by a CPA or EA that specializes in business returns they will be able to answer that question better for him.
As for your social security benefits-they can be sometimes taxable. It depends on your filing status and how much income you earned from other sources of income. When preparing a return in our software, we ask you to enter your social security income and can help you determine if any of it is taxable or not.
