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Reply to "Buying housing for in-laws"
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[quote=Anonymous][quote=Anonymous]In-laws rent, spend around 2k/mo. They are paycheck to paycheck, both working, zero savings or retirement beyond SS. Do you think it could be a good move to buy a place we can easily afford (a cheap 2 bedroom somewhere safe), and then they can pay us rent (not necessarily the full cost)? I worry about their ability to maintain housing once they cannot work, and don't want to be on the hook for finding them a place, scrambling, helping pay rent and basically wasting all this money. My thinking is that if we buy them a place (which would be our property, not theirs) at least it is an investment we can control.[/quote] Absolutely! Collect the rent and claim deductions for tax purposes. Bank the rent in a separate account so you can use it for their benefit down the road..most of it at least. They will also feel like they are contributing if you collect rent vs let them live free. [/quote]
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