(I live in Arizona) My 25 yr old daughter is attending college in Florida, and because rents are very high there, my husband and I decided to invest in real estate there (values went up 25% last year; unfortunately not very much this year) and buy a condo for her and her 2 and a half year old child to live in while attending school. We will stay there while vacationing in the area, but not a whole lot. (Does it matter how long we stay there, as we could visit more often if it was to our advantage - we are retired-?). How does this affect our federal income tax? Will it affect her tax? (She has very little income, and is living off of her Pell Grant, a scholarship and child support money. She is paying the condo fees out of that.)
Thanks for your help
Thanks for your help