planotexan
Junior Member
What is the name of your state?What is the name of your state? Texas
My inlaws, 72 and 75 would like to guarantee their ability to live in their house as long as they are both healty and uppon their death leave the home to my wife. They currently own the home outright. It's value is approximately $140,000.
I would like to purchase the home from them, and make payments to them as long as they live. In turn, they would rent the home back from me for as long as they live in the home. If they were to move out of the home I would either rent it to another elderly couple, or sell the home.
What taxes would my inlaws have to pay?
Let's say they loaned me $140,000 for 15 years at 0% interest. I would pay them $777.78 per month to pay off the loan. I would also have another $500 per month in taxes, HOA dues and upkeep. If I were to charge them $1277.78 per month in rent, there would be no income on my part. Right?
$1277.78 in rental income - $1277.78 in rental expenses = $0 income ?
If they were to both die before, I paid off the home, what income would I incure?
If one of them were to need to file for medicaid in the future, how might this arangement affect eligibility?
Are there better ways to accoplish what I am trying to do here? Are there any good books to read on this subject?
Thank you all in advance for your advice in this matter.
planotexan
My inlaws, 72 and 75 would like to guarantee their ability to live in their house as long as they are both healty and uppon their death leave the home to my wife. They currently own the home outright. It's value is approximately $140,000.
I would like to purchase the home from them, and make payments to them as long as they live. In turn, they would rent the home back from me for as long as they live in the home. If they were to move out of the home I would either rent it to another elderly couple, or sell the home.
What taxes would my inlaws have to pay?
Let's say they loaned me $140,000 for 15 years at 0% interest. I would pay them $777.78 per month to pay off the loan. I would also have another $500 per month in taxes, HOA dues and upkeep. If I were to charge them $1277.78 per month in rent, there would be no income on my part. Right?
$1277.78 in rental income - $1277.78 in rental expenses = $0 income ?
If they were to both die before, I paid off the home, what income would I incure?
If one of them were to need to file for medicaid in the future, how might this arangement affect eligibility?
Are there better ways to accoplish what I am trying to do here? Are there any good books to read on this subject?
Thank you all in advance for your advice in this matter.
planotexan