Question by Bill: Can my child live rent free in a 2nd home that I own without tax consequences?
This is a home in VA. The house was bought for the purpose of providing her with a place to live. What are the consequences with the IRS? Is this considered to be a gift?

Best answer:

Answer by knowitall
Not unless you deed the house to her. Have it appraised, then give her ,000 worth each year until in full. There will be no taxes on this ( there still will be Real Estate taxes, of course).

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I own a large historic home that I rent out as office space to regular, long-term tenants in the second floor rooms, and I also rent the large first floor rooms as meeting/banquet space to groups for special events. I want to raise the rents I’m charging my office tenants, but I’m afraid that I may loose one or more of them if I do. Can anyone offer suggestions on how to negotiate fair rent increases for commercial tenants? The house is located in a small city in West Virginia.

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