We are an unmarried couple, buying our first home. No really unique circumstance, we both have regular jobs (not self employed or anything, 80k combined anual income). We are using a convention 97% LTV loan. Closing very soon and realizing we haven’t even considered our tax situation.
A few questions :
- We are considering having a friend stay in an extra room (~$700/month). How bad of an idea is it to do this under the table? Pretty much everyone we’ve talked to says we shouldn’t claim it/ it’s not a big deal.
Could we theoretically let him stay with us for free, and in turn he gifts us cash, or any other similar loopholes? Or have him pay for utilities/ cleaning, and not technically for rent?
-If we do end up claiming, how significantly would this impact our tax situation? What can we do to minimize the tax burden?
- should we be considering s Corp, llc, or anything similar?
-any other tips for someone in our boat?
Submitted September 19, 2021 at 02:42AM by tj420-throwaway https://ift.tt/3ApwwSj
