thanks. Yes the dad is receiving government assistance but he is paying his social security to the assisted living. We have his nephew living for only 400.00 per month to not make money but occupy the house until the dad passes. Since the rent income is less than the expenses assisted living...
Question 1: Should we claim the rent income of my wife's father's house now that we are renting out the house?
Question 2: Can we depreciate the house based on the fair market value when we placed the property in service as a rental. Since we don't know the original cost or any increases can...
