How to assign rental income if my mom and I own a house

My mom is retiring soon and we’re thinking of investing in a small rental property together. She wants to travel for 7-10 years and then settle into a small house near me. Of course anything can happen, but average age expectancy on my mom’s side of the family is in the 90s. She’s 64.

She’d dump part of her equity from her house in texas into a small 2 bed 1 bath house on the western slope of Colorado We’d both be on the title and loan Either one of us could cover the cost of the mortgage when it’s not rented out in the event that I lose my job or something unexpected happens on her end. I make 128k/year with no debt besides my mortgage. She’s going to be on a fixed income of 33k/year

The question is, can she legally collect all the income from the property? Is this outright tax evasion? Not looking to do that. Want to be completely legal. Is there a way for us to structure this where we take advantage of her low income?

submitted by /u/coolzero20
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My mom is retiring soon and we’re thinking of investing in a small rental property together. She wants to travel for 7-10 years and then settle into a small house near me. Of course anything can happen, but average age expectancy on my mom’s side of the family is in the 90s. She’s 64. She’d dump part of her equity from her house in texas into a small 2 bed 1 bath house on the western slope of Colorado We’d both be on the title and loan Either one of us could cover the cost of the mortgage when it’s not rented out in the event that I lose my job or something unexpected happens on her end. I make 128k/year with no debt besides my mortgage. She’s going to be on a fixed income of 33k/year The question is, can she legally collect all the income from the property? Is this outright tax evasion? Not looking to do that. Want to be completely legal. Is there a way for us to structure this where we take advantage of her low income? submitted by /u/coolzero20 [link] [comments]

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