My wife and I are considering the idea of buying a second house - for my in-laws to live in. They are bankrupt, have no savings, and are old enough to not be gainfully employed. Rather than have them move in with us, we're in a decent place financially to be able to buy them a small, cheap house (they live in a place where housing is relatively cheap, but on the rise). Is there any tax-break or other financial help we could tap into if we do this?
More detail - We have always lived below our means and have tried to implement a lot of principles from this sub. For years we've helped them monthly with a few hundred dollars, and they're still going under to debt, mostly because they've never been good with money. They've never made much, so it's not like they are blowing it on consumer debt. They're just plain poor.
Rather than throwing money down a hole every month, we've looked at their finances, and they can support themselves on social security if they didn't have housing costs. We can buy a low-cost house in an area that is being aggressively developed, and will eventually get something back when we sell the house, as it will gain in value.
Are there any financial incentives or resources we should tap into, or pitfalls we should be aware of?
Submitted February 12, 2019 at 10:27AM by JuanTac0 http://bit.ly/2GD8zxD
