low income housing

[sparks2day]

The state involved is TN. My parents have a house they are renting out to my brother. Unfortunately he has a lot of health problems and frequently cannot pay rent. As a result, my parents are losing out on a source of income in their retirement years. Is there a potential tax credit here for the parents? Is there an existing government program that would pay rent to the parents for providing housing to a low income individual even if he is their son? Thanks for your response.

Steve

 

[loku]

Rental to son.

They may end up with a tax loss on their rental property, but in general, they could not use that loss except against other rentals in the same year or in future years.

So I can think of no tax advantage here. However, if your brother qualifies as unable to work, he might qualify for social security disability benefits or for some state disability program.