Gifting tax benefits
I was thinking.. Could I buy a home and allow a member my family or friend to live in it for free, in return for maintianing the home?
Before I go on, would the above scenario be legal and what tax implications might there be?
Further, if that individual were to gift me money at any point, is that legal?
Because I can see how that action could be construed as payment for the rent, thus circumventing taxes on what could construed as rental income.
Last edited by squidward69 : 10-05-2009 at 05:36 AM.
Reason: rephrase question